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2020 Tax Updates

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:

Tax Inflation Adjustments for 2020

Retirement Tax Guide 2020

Income Tax Brackets 2020

 
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