This past Wednesday, November 6, 2019, the Internal Revenue Service issued Revenue Procedure 2019-44 which provides the details of annual inflation adjustments for dozens of tax items and tax schedules that will impact tax payers in the upcoming tax season and tax year. For example, it provides that the:
- Standard deduction for single taxpayers and married individuals who file separately will go up $200 to $12,400 in tax year 2020, and the
- Standard deduction for married taxpayers who file joint tax returns will increase by $400 to $24,800 for tax year 2020, while the
- Standard deduction for heads of households will increase by $300 to $18,650 in tax year 2020.
Numerous other adjustments and changes including some tax law related procedures are enumerated in the 'procedure' specified above. For details concerning any of the tax provisions outlined there, Insightful Accountant recommends you contact a qualified tax professional, we do not provide tax advice, and information we provide concerning tax in any article should not be considered advice, it's provided for information purposes only.