The Tax Spot

Lots of new changes for 2020 are you ready for the Tax Season

Last Day to File your Taxes with out a penalty is July 15 .

DID YOU KNOW? Deductible cash contributions to public charities are limited to 50% of the taxpayer’s AGI. Unused deductions can be carried forward 5 years

THE DECEBER 2017 BILLTHAT PASSED… Increases percentage limitation to 60% effective through 2025

THE IMPACT WILL… Few people are affected by the 50% limitation for cash contributions. With increased standard deduction, may not be significant

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- Herman Askew
CEO, The Tax Spot, LLC
833-TAX-SPOT
[email protected]

DID YOU KNOW? Child credit of $1,000 for children 16 or younger, phased out if AGI exceeds $110,000 (joint) or $75,000 (single), limited refundable

THE DECEBER 2017 BILLTHAT PASSED… Increases credit to $2,000 with $1,400 refundable, phased out beginning at $200,000 of income single and $400,000 joint. Additional $500 nonrefundable credit for qualifying dependents other than qualifying children Effective through 2025

THE IMPACT WILL… Reduce tax for qualifying families with children or other dependents. Depending on tax bracket and number of children, may not offset the loss of the personal exemption

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