Posted by Smart Accounting & Tax Solutions Inc

Tax Code Changes for 2020 Tax Season

Tax Code Changes for 2020 Tax Season


Tax Code Changes for 2020 Tax Season: • (Eliminated) Penalty for no health insurance.
• (Eliminated) Alimony Deduction- Payer
• (Eliminated) Alimony as Income-Payee
• (Increased) Medical Expenses Deduction Threshold
• (Increased) Retirement Account Contribution Limit
• (Increased) Standard Deduction • (Increased) HSA Contribution Limit

These are only a FEW of the tax code changes. Out of 70,000 pages of Tax Code there has been more than 60 tax code changes for the upcoming tax season.
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Smart Accounting & Tax Solutions Inc
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