NEW HAVEN, Conn. (WTNH) — CT Style Reporter Natasha Lubczenko, welcomes “Money Wisdom” sponsored by Johnson Brunetti. We’re educating you about smart ways to manage your money.
Joining us is Eric Hogarth, Certified Financial Planner and Johnson Brunetti Partner to help you understand tax law changes.
Every year tax laws can change and adjust a bit. Make sure you understand the tax laws for 2020. These laws went into effect January 1, 2018 when The Tax Cuts and Jobs Act passed. They are in effect until December 31, 2025.
For 2020 some limits have changed:
- Tax brackets have adjusted
- Inflation adjustments can lead to “Bracket Creep”
- Standard deductions nearly doubled
- Criteria for itemized deductions changed substantially
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Johnson Brunetti’s goal is to take the fear out of your financial future and give you confidence in what lies ahead.