Crushing your 2020 taxes: What’s new & important deductions

by Amanda Harr, SWBC PersonalHUB

Not to be rude and bring up 2020, but before we can put the year fully behind us and move on for good, you’ve got one last task to tackle—filing your 2020 taxes. With the deadline to file coming up on April 15, now is the best time to start organizing paperwork and evaluating your situation so the process can go smoothly.

In this blog post, we’ll let you know what’s new this tax season, and highlight important deductions you may be eligible for.

Increased Minimum Penalty for Not Filing Taxes

Passed at the end of 2019, the Setting Every Community Up for Retirement, or SECURE act, increased the minimum penalty for not filing your taxes on time from $330 to $435. According to SchneiderDowns, “the change impacts only the minimum monthly penalty for late filing and not the aggregate cap of 25% of any taxes due.”

 

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