In the last year there have been numerous changes in tax legislation with the most recent, Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law by the current administration. However, some of these major laws are only temporary and will soon expire, except for provisions that have been extended. All the ups and downs of this year have shown that preparation for the future is not only recommended, but necessary. With a new president coming into office, there is the possibility for further fluctuations in tax legislation.
Planning for Your Personal Income Tax Filing
Individuals should take into consideration the following to lower their income tax bill in 2020: