Tax season starts to loom shortly after the calendar turns to the new year, and the Internal Revenue Service (IRS) has introduced a number of new regulations and policies for 2020. The good news is that this year is shaping up to be far less complicated then 2019, when major tax reforms went into effect and significantly changed tax rates and eligible deductions. Many people ended up enjoying tax relief thanks to the new regulations, but for most, navigating the changes was far from easy.
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This year, there are fewer policy changes. Tax season officially opens on January 27, 2020. You are required to file your taxes no later than April 15, 2020. Here’s a primer on what’s new and what’s changed.