The taxman cometh

As tax season gets underway, it’s a good idea to review some of the typically plentiful changes made annually to the tax laws. For example, the penalty for not having health insurance no longer applies to 2019 federal tax returns. The standard deduction amounts have been increased, as in recent years. IRA and 401k contribution limits also have been raised, which can help decrease your taxable income. Also new for 2019 returns, seniors age 65 and older have their own tax return option, a simplified Form 1040-SR with a larger font size and better color contrast to make it easier to read. For detailed information on these and other changes, visit irs.gov.