Page 5 - TASTAX Brochure 2020 Final_Spread

Changes Impacting the 2020 Tax Year:

 Charitable Contributions up to $300 cash can be deducted for those who do
not itemize deductions on Schedule A

 Members of a reserve component of the Armed Forces of the US, state or lo-
cal government officials paid on a fee basis and certain performing artists are

entitled to deduct unreimbursed employee travel expenses on Schedule 1

 2020 mileage rates:

 .575/mile for business use

 .17/mile for medical or moving purposes

 .14/mile for services of charitable organizations

 Members of the Armed Forces are able to deduct moving expenses if on ac-

tive duty moving under orders to a permanent change of station

 Rebate Recovery Credit is given to individuals who qualified for the economic

stimulus payment and did not receive the full amount during 2020. Be pre-
pared to bring the Notice 1444 with your 2020 tax records

 No additional tax or penalty will be calculated if you received a stimulus check

 File an updated W-4 form if you have not done this during 2020. This will en-

sure your withholdings are in alignment with the latest tax brackets since the
Tax Cuts and Jobs Act was implemented in 2018

Identity theft is serious and can take a long time to resolve. Take preventative
measures and file your taxes early. Protect your financial data by using the Client

Portal site instead of using email to send documents with Social Security
Numbers. Notify the IRS by completing Form 14039 if you become a victim. See
Publications 5027 and 4524 on www.irs.gov .

-Information from the IRS website