This tax season just ended and it’s time to get right back to work preparing for the next one. If you want to make the most of everything from tax deductions to tax-advantaged accounts , now is the time to learn the rules that will apply to your next return.
Many key dollar figures — from standard deductions to retirement account contribution limits — can change every year due to inflation. Additionally, some aspects of 2017’s tax reform didn’t take effect until this year.
So, here is a look at some of the biggest ways in which the federal tax return you file in 2020 will differ from the one that you hopefully filed by today.
