Taxing Times: How Are Taxes Different This Year?

The video discusses various tax changes in the year, including rebates, unemployment benefits, and the impact of COVID-19 on retirement accounts. It highlights a new charitable deduction for those who do not itemize, allowing up to $300 per tax return. The video provides insights from experts on how these changes differ from previous years.

What was one of the significant changes in taxes for the year discussed?

• Introduction of a flat tax rate

• Increased unemployment benefits affecting taxes

• Elimination of all tax rebates

• Mandatory itemization for all taxpayers

How did the pandemic affect retirement account withdrawals?

• Withdrawals were taxed at a higher rate

• Withdrawals were not allowed under any circumstances

• Withdrawals were only allowed for those over 65

• Withdrawals related to COVID-19 had special reporting requirements

What is unique about the new charitable deduction introduced?

• It requires a minimum donation of $1000

• It is available to non-itemizers for the first time

• It allows deductions up to $500 per tax return

• It is only available to those who itemize

What is the maximum amount allowed for the new charitable deduction?

• $100

• $200

• $300

• $400

Where can more information about the 2020 tax changes be found?

• taxupdates2020.net

• 2020taxchanges.org

• taxinfo2020.com

• visitnewsy.com/taxingtimes