Learn the many changes from new tax laws, with a focus on capital gains, taxable social security, required minimum distributions, charitable deductions, and identity theft.
For 2019 taxes, there were changes to the standard deduction, to itemized deductions, to exemptions and even to credit, and, for 2020, new changes related to your Required Minimum Distribution, Stimulus payments, Contributions, and potential problems with unemployment... And in Illinois many of us forgot the rate increased to 4.95% ALL year so we owed Illinois money and then got an unwelcome penalty letter in the mail.
In this workshop, Judi will discuss the many changes from these new tax law as well as the things Illinois has done as they upgrade their computer matching with the higher IL tax rate (and maybe more to come). We will focus on topics such as capital gains, taxable social security, required minimum distributions and charitable deductions. She will also discuss the critical topic of identity theft and what the IRS and IL are doing to protect you - and us. And, finally, she will leave time for your questions.
Judi Strauss is the owner of Strauss Tax Service with offices in Downers Grove and Chicago. Since 1969, she has been providing personalized tax and financial planning services to individuals and small businesses.