What Does a Bigger Standard Deduction Mean for Tax Filers?

If you haven't filed your 2019 taxes you have some time yet, as the IRS has extended the filing deadline to July 15, 2020 due to the COVID-19 pandemic.

You're probably not thinking much about your taxes for the 2020 year yet, especially with the coronavirus crisis and the longer timeline to file for last year. But as you start to look ahead to how you'll be taxed this year, there's one important thing to know: The standard deduction will be bigger for the 2020 year than it was for 2019.

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