TurboTax - vs - H&R Block, Electronic Tax Filing Software For 2020 - 2020

TurboTax 2020 Online Tax Preparation Software 

Turbo Tax 2020 Tax Software Review

Everything you need to make tax preparation easy and quick. The TurboTax 2020 product line offers the best solutions to keep you up-to-date with the latest tax law changes, Including.

TurboTax can help you stay in charge of changes that became effective in the tax year 2020, which become part of your income tax filing in 2020.

The 2020 Social Security tax remains at 6.2% and Medicare remains at 1.45%. The maximum wage limit for Social Security has been raised to $106,800 - an increase of $4,800 over 2008's maximum. The maximum Social Security benefit was increased to $2,399 per month in 2020, and the Cost of Living Adjustment was 5.8%.

TurboTax 2020 Online

New Taxes on High Income Earners

For 2020 several tax proposals that aim to raise more tax revenue from high-income earners. This is where the new budget proposal gets most of its revenue.

This budget is designed to limit the value of itemized deductions for high-income taxpayers, raising approximately $600 billion in new revenue.

Taxpayers will only be allowed to take itemized deductions against a 28 percent income tax rate, rather than in the tax bracket they actually fall. In turn this reduces the value of itemized deductions and boosts the amount of taxes that are paid by higher income taxpayers.

The Fair Share Tax also known as "the Buffet Rule" is a 30 percent minimum tax on high-income earners. It would raise only about $53.02 billion over ten years.

TurboTax 2020 Software

Increasing the Estate Tax rate from 40 percent to 45 percent and lowering the exclusion, raises will about $131 billion over ten years.

The new years TurboTax 2020 product line will help keep you on top of Tax Law Changes and Exemption Values

For the tax filer, Intuit TurboTax 2020 is one of the best ways to ensure your getting all the credits and deductions you can qualify for, along with, keeping up with tax law changes at the same time.