If you don't do it throughout the year, now is the time to start organizing your 2019 tax documents. Tax filing begins next week when the IRS starts accepting returns on Jan. 27.
Standard deductions are up slightly for the 2019 tax season; singles can deduct up to $12,200 while married couples filing jointly can deduct up to $24,400.
This year, there is no penalty for not having personal health insurance.
Also, taxpayers age 65 and older who do not itemize can use a new return with larger print and fewer line items.
For 2020, the IRS has also made inflation adjustments to a range of key figures, from the amount you can put in a 401(k) retirement plan to the individual income tax brackets that help you determine your tax rate. See the new 2020 tax brackets below.
