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What's NEW For Tax Year 2020?

IRS Warns Taxpayers of Phone Scams, Suspicious E-Mails and Other Phishing Schemes - The IRS Does NOT Contact Taxpayers By Phone, E-mail, Text, or Social Media!

• 2020 Individual Income Tax Rate Schedule

• Standard Deduction

• Standard Mileage Rates for Business, Medical, Moving, and Charitable Purposes

• Earned Income Credit (EIC) Amounts

• Social Security & Medicare Inflation Adjusted Amounts

• Contribution Limits for Retirement Plans, IRA's, HSA's and ESA's

• Adoption Credit Maximum Amount

• Section 179 Expensing Limitations

• Gift Tax Annual Exemption Amount

• Foreign Earned Income Exclusion Amount

• Repeal of Maximum Age for Traditional IRA Contributions

• Changes to Required Minimum Distributions (RMDs)

• Economic Impact Payment - Stimulus Payment

• Unemployment Compensation Exemption Up to $10,200

• Premium Tax Credit - Marketplace Health Coverage

• Penalty-Free Retirement Distributions Ratably Taxed Over Three Years Due to COVID-19 and/or SARS-CoV-2

• Partial Charitable Contribution Deduction Allowed For Those Who Claim the Standard Deduction

• Paycheck Protection Program (PPP) Loan Forgiveness - Cancellation of Debt Excluded From Gross Income