Tax Laws for 2020
Time to pick your brackets. Not for your March Madness office pool, but for April 15th when 2019 federal taxes are due to be filed. Changes in tax law for 2020 will allow Americans to save more money this year than last.
A few changes to keep in mind...
It’s never too early to resolve to save more for retirement and trim your tax bill.
The IRS has made inflation adjustments to a range of key figures, from the amount you can put in a 401(k) retirement plan at work to the individual income tax brackets that help you determine
- Put up to $19,500 in your workplace 401(k) plan, plus another $6,500 if you’re 50 and over in 2020. This also lowers your taxable income.
- The standard deduction for single filers will be $12,400. It rises to $24,800 for married couples filing jointly.
- Giving away wealth? An individual can transfer up to $11.58 million free of estate and gift taxes in 2020.
It’s never too early to resolve to save more for retirement and trim your tax bill.
The IRS has made inflation adjustments to a range of key figures, from the amount you can put in a 401(k) retirement plan at work to the individual income tax brackets that help you determine