If you worked during tax season last year, you’ll remember that it was one for the record books, and not in a good way. A lot of people were taken by surprise once their returns were completed, due to the implementation of the new tax laws.
Granted, it’s December and there’s very little time to make major adjustments for 2019, but there is time to start thinking and preparing for 2020. Remember the old adage, “If you fail to plan, you plan to fail?” Don’t let that be you.
CPA Practice Advisor recently published this article listing the top four IRS income tax credits for 2020. This list was too good to not share with you. The Earned Income Tax Credit, the Child Tax Credit, the Credit for Other Dependents, and Education Credits are their top four income tax credits for 2020 , there are many more to consider.
Nerd Wallet, a popular personal finance site, has an extensive list of credits that might benefit you or your clients for the 2020 tax year. Their list is here, but the top ones you should make note of and see if they pertain to you are the Adoption Tax Credit, the Lifetime Learning Credit, the Savers Credit, and the Residential Energy Credit. None of these credits are new, but there were some changes to them and you, or your clients, might now qualify.
If you prefer to go straight to the horse’s mouth to plan out your 2020 tax credits, the IRS has already published their guide to get started with planning next year’s taxes. You can find that link here.
No matter how you plan, the key is to start now.
Start planning before it’s too late.
What are your top tax credits for 2020?