If you’re like us, you probably never want to think about 2020 again. But there is one lingering ghost from last year that you need to get rid of before you can truly move on for good—and that’s your 2020 taxes.
Thanks to the coronavirus (among other things), a lot has changed for the 2021 tax season. We don’t want you to get blindsided, so let’s dig into what’s new for this tax season and what’s staying the same.
First, here are the main 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.
But that’s just scratching the surface! Let’s break down the details so you can file your taxes with confidence this year.