2020 is now just a few days away, and with a new year comes new changes in tax law. The Tax Cuts and Jobs Act of 2017 brought sweeping changes to the tax code. Most of those changes took effect in 2018, but others phased in this year with a few additional changes set to kick in in 2020. Some of the biggest changes that will impact your next tax return: Higher retirement account contribution limits, a new tax form for seniors, no alimony deduction and no ACA individual mandate penalty, a higher threshold for medical expense deductions, increased standard deductions, and higher income brackets.
