Quick ways to prep for 2020 taxes

Tuesday, 28 January 2020 12:44 Written by Emily Burkart
Happy New Year – as January draws to a close, each new year is filled with resolutions, new ideas, and the dreaded tax season! We have compiled tax changes that could impact your refund in 2020. To make best sense of your finances, it’s always smart to keep on top of the newest tax laws. Check out some of the changes below.

Upon research, the IRS recently released new individual income tax brackets for 2020. While there are no changes to the gift exclusion, as it remains at $15,000 annually, the lifetime gift and estate tax exemption is rising to $11.58 million per individual. The new Health Savings Account limit of $3,550 for individual accounts and $7,100 for family plans. The new 401(k) yearly contribution limit is $19,500. If you’re able, put a little more away for retirement!

To read more about what we wrote, and to see even more information on 2020 tax updates, check out this link: https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2020

If you or your friends, family or co-workers are interested in buying or selling a home, please feel free to reach out anytime. We would be happy to have a conversation about your financial goals related to real estate!