Category Archives: Tax Planning

2020 Tax Witholding: The New Form W-4

EmployeeForm W-4, Employee’s Withholding Certificate, has been redesigned for 2020. Previously, income tax withholding was based on an employee’s marital status and withholding allowances or tied to the value of the personal exemption. With the revised Form W-4, however, income tax withholding is generally based on the worker’s expected filing status and standard deduction for the year. Furthermore, workers can also choose to have itemized deductions, the Child Tax Credit, and other tax benefits reflected in their withholding for the year.

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Tax Breaks for Taxpayers Who Itemize

deductionsMany taxpayers opt for the standard deduction because it’s easier, but sometimes itemizing your deductions is the better choice–often resulting in a lower tax bill. Whether you bought a house, refinanced your current home, or had extensive gambling losses, you may be able to take advantage of tax breaks for taxpayers who itemize. Here’s what to keep in mind: Continue reading