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The tax brackets for 2020 are slightly wider than for 2019.
Standard deduction has increased, married couples now get $24,800 plus an additional $1,300 for each spouse age 65 or older.
Single taxpayers can claim $12,400 or $14,050 if 65 years old or older. You can only itemize if your deductions exceed the standard deduction.
Capital Gains – remain the same.
Estate Planning – tax exemption jumps to $11,580, however the gift tax exclusion remains the same at $15,000 per individual.
Social Security wage base is $137,700 for 2020 an increase of $4,800.
If you have your taxes done by Block or other nation-wide tax office, be aware that these firms hire new preparers every year that have little if no work experience doing taxes. Turn-over in their offices are quite high.
As far as I am concerned, I would prefer an Enrolled Agent over any other tax professional including CPAs and tax attorneys.
Dan
