IRS: Big Tax Refunds, New Deductions for 2020
Orlando News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
The IRS reports receiving 22.4 million tax returns, with average refunds surging 10.2% to $3,804. The One Big Beautiful Bill Act, signed by President Trump, boosts standard deductions and child tax credits. Tip workers and self-employed individuals benefit from new tax breaks. Self-employed filers report on schedule C, and unreported tips qualify if Social Security and Medicare parts are paid. Other perks include deducting up to $12,500 in overtime pay and interest on new U.S.-made car loans. Seniors aged 65 and older get an extra $6,000 deduction until 2028. Itemizers can now claim up to $40,000 in state and local taxes. The filing deadline is April 15th. Claim what you qualify for to maximize your refund.
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