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.
Six great 2020 Tax Documents:
Tax Inflation Adjustments for 2020
Retirement Tax Guide 2020
Income Tax Brackets 2020
Eligible HSA Expenses CLICK HERE
Eligible FSA Expenses CLICK HERE
Eligible HRA Expenses CLICK HERE
Indvidual ICHRA’s and QSEHRA’s