Events Calendar

2020 Changes

There are not many surprises for the 2019 tax return, just a few changes:

  • Standard deduction increased to $12,200 for Singles and Married filing separate, $16,350 for Head of household (single parents), and $24,400 for married filing joint
  • Virtual currency is being scrutinized so be ready to report any transactions you had using Bitcoin, Ether, Roblox, and V-bucks
  • Medical expense threshhold increased to 10% of your income
  • IRA contribution limits increased to $6,000 per year, plus an extra $1,000 for taxpayers over 50
  • You are still required to have health insurance but the penalty for not having it has been eliminated
  • The "postcard" 1040 is gone and the accompanying schedules have been changed somewhat
  • Taxpayers 65 and older can now use form 1040SR, a slightly altered 1040 for seniors

There are a few other changes that affect some taxpayers. Call me today if you have any questions about how this all will affect your taxes.