2020 Tax Changes You Should Know About

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Let’s be honest: taxes are always incredibly confusing, and with all of the changes that happened in 2020, taxes ended up getting just a little more complicated. To try and provide relief to many struggling Americans, tax changes were rolled out. We may not have really understood how these changes would affect our year-end return (2021 felt so far away). But now that April 15th is just around the corner, it’s time to figure out how some of these tax changes will affect your return. Here are five changes you need to know about: 

 

About that stimulus check you received…

If you received a stimulus check during 2020, here’s a detail that didn’t get a lot of attention during the roll-out: it was an advanced tax credit for 2020. It’s not taxable income, so you won’t have to pay taxes on it. A tax credit is when you get a dollar for dollar reduction in the amount of…

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