Taxes 2020
In a few months, we will be filing 2020 taxes. Boy, what a year this has been! Let’s run through the important things you should be looking into.
First, assuming that Biden has actually won, we can fairly assume he will raise taxes, meaning it is better to earn money in 2020 than it will be in 2021. But charity deductions might not be more valuable in 2021. One thing I read said that under Biden charity might be capped at a 28% deduction, making charity more valuable in 2020! You can read lots of possible scenarios of a new tax law on the internet.