Once again a timely yet not evergreen article as we close out 2019 and the decades of the 2010’s. There aren’t a lot of changes for 2020 but we still have a few things we’d like to get out to the masses.
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Let’s start with personal taxes. Standard deduction has increased to $24,400 for joint fining, $12,200 for single, while the personal exemption has been eliminated. Most filers won’t be able to itemize any longer unless you have a qualified business. Child tax credit has doubled to $2000 per child under age 17. There’s also a temporary credit of $500 per dependent in 2019 called the Family Tax Credit.
Continue reading Tax Law Changes 2019