Here are the things you need to know right off the bat for the 2021 tax season:
The big tax deadline is a moving target this year, what with the effects of COVID-19 and ice storms. The IRS recently extended the deadline for all federal tax returns and payments to
May 17, 2021.
The standard deduction for 2020 increased to $12,400 for single filers and $24,800 for married couples filing jointly.
Income tax brackets increased in 2020 to account for inflation.
Cash donations of up to $300 made before December 31, 2020, are now deductible when people file their taxes in 2021.