The IRS has announced a series of tax inflation adjustments, encompassing 60 provisions, for 2020 tax returns that will be filed in the year 2021.
A bit of a game changer is headed the way of taxpayers for tax year 2020. The IRS has announced a series of tax inflation adjustments, encompassing 60 provisions, for 2020 tax returns that will be filed in the year 2021.
The wide-sweeping adjustments that are likely to be of greatest interest to taxpayers include the following:
There are additional provisions that will impact taxpayers and we have only touched on those that will affect a majority of taxpayers. For a full listing and explanation of all tax inflation adjustments for tax year 2020 as well as complete tax tables, please click here.
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