Now that 2020 is in the air it's time to review Tax documents for 2020.
Here are a few tips and new changes that could affect your 2020 tax bill:
The IRS recently released new individual income tax brackets for 2020 – check out this link to see where you fall.
You can stow away more money for retirement with a new 401(k) contribution limit of $19,500.
Save more money for healthcare expenses with a new Health Savings Account limit of $3,550 for individual accounts and $7,100 for those with family plans.
The lifetime gift and estate tax exemption is rising to $11.58 million per individual, but there are no changes to the annual gift exclusion, as it will stay at $15,000.
Four great Tax Documents: