{"id":18905,"date":"2019-12-27T12:34:00","date_gmt":"2019-12-27T17:34:00","guid":{"rendered":"https:\/\/blog.eztaxreturn.com\/?p=18905"},"modified":"2023-06-04T15:37:54","modified_gmt":"2023-06-04T20:37:54","slug":"7-ways-your-taxes-will-be-different-when-you-file-in-2020","status":"publish","type":"post","link":"https:\/\/staging.eztaxreturn.com\/blog\/7-ways-your-taxes-will-be-different-when-you-file-in-2020\/","title":{"rendered":"7 Ways Your Taxes Will Be Different When You File in 2020"},"content":{"rendered":"\r\n

More tax changes are heading your way but don\u2019t worry, it\u2019s not another drastic overhaul.\u00a0 Many key figures were adjusted to account for inflation<\/a> and a couple new tax rules are going into effect.\u00a0 Here\u2019s what you need to know to get ready for 2020.<\/p>\r\n\r\n\r\n\r\n

The standard deduction rates will be slightly higher<\/h4>\r\n\r\n\r\n\r\n

Most taxpayers claim the standard deduction<\/a> when they do their taxes because it\u2019s a lot easier than itemizing.\u00a0 There\u2019s no searching for receipts for qualified expenses and trying to meet the threshold.\u00a0 Instead you just deduct the set amount the IRS<\/a> allows for your filing status and move on.\u00a0 For tax year 2019, you\u2019ll be able to save a little more money because the standard deduction rates will be slightly higher.<\/p>\r\n\r\n\r\n\r\n

\r\n\r\n\r\n\r\n\r\n\r\n\r\n
Filing Status<\/strong><\/td>\r\nStandard Deduction<\/strong><\/td>\r\n<\/tr>\r\n
Single or Married Filing Separately<\/td>\r\n$12,200<\/td>\r\n<\/tr>\r\n
Head of Household<\/td>\r\n$18,350<\/td>\r\n<\/tr>\r\n
Married Filing Jointly or Qualifying Widow<\/td>\r\n$24,400<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/figure>\r\n\r\n\r\n\r\n

Higher income tax brackets<\/h4>\r\n\r\n\r\n\r\n

The income tax brackets are used to calculate how much taxes you owe.\u00a0 Every year they\u2019re adjusted to account for inflation.<\/p>\r\n\r\n\r\n\r\n

\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n
Tax rate<\/strong><\/td>\r\nSingle<\/strong><\/td>\r\nHead of Household<\/strong><\/td>\r\nMarried Filing Jointly or Qualifying Widow<\/strong><\/td>\r\nMarried Filing Separately<\/strong><\/td>\r\n<\/tr>\r\n
10%<\/td>\r\nUp to $9,700<\/td>\r\nUp to $13,850<\/td>\r\nUp to $19,400 \u00a0\u00a0<\/td>\r\nUp to $9,700<\/td>\r\n<\/tr>\r\n
12%<\/td>\r\n$9,701 to $39,475<\/td>\r\n$13,851 to $52,850<\/td>\r\n$19,401 to $78,950<\/td>\r\n$9,701 to $39,475<\/td>\r\n<\/tr>\r\n
22%<\/td>\r\n$39,476 to $84,200<\/td>\r\n$52,851 to $84,200<\/td>\r\n$78,951 to $168,400<\/td>\r\n$39,476 to $84,200<\/td>\r\n<\/tr>\r\n
24%<\/td>\r\n$84,201 to $160,725<\/td>\r\n$84,201 to $160,700<\/td>\r\n$168,401 to $321,450<\/td>\r\n$84,201 to $160,725<\/td>\r\n<\/tr>\r\n
32%<\/td>\r\n$160,726 to $204,100<\/td>\r\n$160,701 to $204,100<\/td>\r\n$321,451 to $408,200<\/td>\r\n$160,726 to $204,100<\/td>\r\n<\/tr>\r\n
35%<\/td>\r\n$204,101 to $510,300<\/td>\r\n$204,101 to $510,300<\/td>\r\n$408,201 to $612,350<\/td>\r\n$204,101 to $306,175<\/td>\r\n<\/tr>\r\n
37%<\/td>\r\n$510,301 or more<\/td>\r\n$510,301 or more<\/td>\r\n$612,351 or more<\/td>\r\n$306,176 or more<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/figure>\r\n\r\n\r\n\r\n

When you use ezTaxReturn.com to do your taxes, we handle the calculations for you and guarantee 100% accurate results.<\/p>\r\n\r\n\r\n\r\n

You can stash more money for retirement<\/h4>\r\n\r\n\r\n\r\n

Are you saving enough for retirement?\u00a0 If you\u2019re like most Americans, the answer is no.\u00a0 Fortunately, the IRS is giving you a chance to redeem yourself.\u00a0 They\u2019ve increased the contribution limits for retirement so you can set aside more money.\u00a0 The earlier you start contributing, the more time you have to grow your wealth.\u00a0 Plus, you may receive a tax break.\u00a0 These are the new contribution limits.<\/p>\r\n\r\n\r\n\r\n