Major tax Law Changes to Look Out for 2020
- Standard deduction increase – $200 for Single, $200 for MFS, $400 for MFJ, and $500 for HOH.
- Charitable deductions – you may now write off up to $300 of charitable contributions when using the standard deduction.
- CARES Act: stimulus checks, PPP loans, enhanced unemployment benefits.
- Stimulus checks – do not count as taxable income.
- 401K & IRA – the CARES Act waved early withdraw penalties for some people.
What if you have a complicated tax situation in 2020?
Working with a professional is a smart idea. Contact Raleigh Accounting & Tax LLC, we will ensure you get the tax help you need.