Taxpayers Still Confused About 2017 Changes: Survey

This year, there are new changes to deductions, credits and limits that taxpayers should be aware of to minimize their tax burden and avoid tax debt, according to Du Val.

"Taxpayers should work closely with their tax professional to ensure their taxes are correct," he said. "No one should have to pay more than they have to or join the 30 million taxpayers who already owe back taxes to the IRS."

Changes for 2020 Filings

TaxAudit listed of some of the major changes for 2019 tax returns that will be most germane to this year's taxpayers:

Higher standard deduction: For the 2020 tax year, $12,400 for single taxpayers and married ones filing separately, $24,800 for married taxpayers and $18,650 for heads of households.

New thresholds for contributions to traditional IRA and health savings accounts: This year's IRA base contribution is $6,000 and the "catch-up" is $1,000 for those 50 and older. HSA contribution limits have also increased for both self-only coverage and family coverage.

Higher limits for contributions to Roth IRAs. For 2019, single taxpayers with incomes below $122,000 and joint filers with incomes below $193,000 can contribute up to $6,000, or $7,000 for those over 50, directly to a Roth IRA by April 15. This income limit and deadline do not affect 401(k) Roth accounts.

Larger refundable amount for Earned Income Credit for tax years 2019 and 2020: The tax year 2019 maximum amount of credit available for lower income families who have three or more qualifying children is $6,557, rising to $6,660 for 2020.

Higher income thresholds for Child Tax Credit: The income limitation has been raised to above $200,000 for a single person and $400,000 for joint filers. The credit per child under 17 years of age is now up to $2,000, of which $1,400 is a refundable credit. Even if a child turns 17 or there are other dependents, the taxpayer can claim a $500 Other Dependent Credit.

Credits and deductions extended retroactively to 2018: New legislation signed by the president in December retroactively extended several popular tax breaks to 2018, including deductions for tuition and fees and mortgage insurance premiums.

TaxAudit said professionals will also want to explore these tax rules with clients, if applicable:

• Higher limits for qualified transportation fringe benefits
• Higher credit amount for adoptions
• High exclusion amount for U.S. taxpayers working abroad

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