Changes you will see in 2020 tax returns include the standard deduction increases to $24,800 for married filing joint returns. Single tax payers will get a standard deduction of $22,400. Head of households will get a standard deduction of $18,650.(Revenue Procedure 2019-44)

Failure to file penalty will be $330 for 2020.

Earned Income Credit will be $6,660 for taxpayers having three or more qualifying children.

You will be subject to Alternative Minimum Tax when your income reaches $72,900. and starts to phase out at $518,400 for singles and $113,400 to $1,036,800 for married filing joint returns.

Estate tax is exclusion for 2020 is $11,580,000. Therefore, if your loved one passes with an estate over this amount estate taxes will be due and an estate tax return must be filed.

For more information on these and other changes contact our office. (910) 212-4881