Tax Changes and Key Amounts for the 2020 Tax Year

From the Kiplinger website

We were expecting 2020 to be a quiet year in terms of tax law changes. But, boy, were we ever wrong! The government funding bills signed by President Trump in December 2019 included a lot of tax provisions. The economic stimulus packages enacted in March and December 2020 to help boost the U.S. economy dragged down by the coronavirus added more. Plus, there are several other 2020 tweaks from new rules or annual inflation adjustments. All in all, this means American taxpayers are staring at a long list of tax changes for the 2020 tax year.

Tax filing season starts on February 12, 2021. So, you should be preparing to file your 2020 tax return and getting familiar with all the new tax laws for 2020 should be part of that process. To help you out, we pulled together a list of the most important tax law changes and adjustments for 2020 (some related items are grouped together). Use this information now so you can save money when you sit down to complete your 2020 return.