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These Tiny Last-Minute Tax Changes Could Be a Big Deal in 2021

Source: https://wsj.com/articles/new-tax-rules-these-tiny-last-minute-tax-changes-could-be-a-big-deal-in-2021-11609454073 - Jan 4, 2021

With taxes, small changes often add up to big differences—and major confusion.

Last year Congress passed two important bills in response to Covid-19 that contain a slew of tax changes, with the most recent one signed by President Trump on Dec. 27. Some of the changes apply only to 2020, while others affect more than one year or take effect beginning in 2021. The new year also brings automatic inflation adjustments that slightly shift tax brackets and some other thresholds.

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Category: General Business