There's been a variety of changes affecting everything from retirement savings to charity donations.
Newsy's Bianca Facchini spoke to the experts about what you need to know.
EVERYTHING FROM RETIREMENTSAVINGS TOCHARITY DONATIONS.NEWSY'S BIANCA FACCHINEI SPOKETO THE EXPERTS ABOUT WHAT YOUNEED TO KNOW.2020 WAS A YEAR UNLIKE ANYOTHER.
IT WAS ALSO A YEAR THATCAME WITH LOTS OF TAX CHANGES.I'M NOT AN EXPERT, BUT WETALKED TO LOTS OF THEM ANDASKED: HOW ARE TAXES DIFFERENTTHIS YEAR THAN PREVIOUS YEARS?"JUST THINKING ABOUT IT JUSTGIVES ME A HEADACHE," SAIDKEMBERLEY WASHINGTON, TAXANALYST WITH FORBES ADVISOR."WE HAD REBATES AND OTHERINDIVIDUAL PROVISIONS; WEHAD AN INCREASE TO UNEMPLOYMENTASSISTANCEBENEFITS, WHICH DOES IMPACT YOURTAXES," SAID MISTY ERICKSON,TAX RESEARCH MANAGER AT THENATIONAL ASSOCIATION OFTAX PROFESSIONALS.THE PANDEMIC ALSO GAVE PEOPLETHE OPPORTUNITY TOTAKE MONEY OUT OF THEIRRETIREMENT ACCOUNTS IFTHEY WERE AFFECTED BY COVID-19."IF YOU ARE A PERSON WHO TOOKMONEY OUT OF YOURRETIREMENT AND IF IT WAS RELATEDTO COVID, YOU'RE GOING TO REPORTIT IN A DIFFERENT WAY,"WASHINGTON ADDED.
IT'S ALSOGOING TO BE AN IMPORTANT TAXYEAR FOR CHARITIES."ONE THAT REALLY JUMPS OUT AT MEIS A NEW CHARITABLE DEDUCTIONFOR PEOPLE WHO DON'T ITEMIZE.AND THAT'S, YOU KNOW, THE FIRSTTIME THAT THIS HAS BEENAVAILABLE.
IT'S UP TO $300 PERTAX RETURN," SAID NATHAN RIGNEY,PRINCIPAL TAX RESEARCH ANALYSTAT H&R BLOCK.
FOR MOREINFORMATION ON THE 2020 TAXSEASON, VISITNEWSY.COM/TAXINGTIMES.THE WHITE HOUSE IS REPORTEDLYGETTIN
The IRS changed important tax information less than a month before the deadline.
