You may have heard that the federal government has made a few tax and Social Security changes for 2020.
If you're like me, you haven't paid much attention. But I saw a clear and useful summary on my friend Jeremy Kisner's website, and so I thought I'd pass on the links -- for those who want an easy guide to the new rules.
The first reference guide is called 2020 Important Numbers. It provides all sorts of information, including the revised tax brackets, standard deductions for both single and married taxpayers, Social Security annual limits, retirement plan annual limits, estate and gift tax limits . . . and a raft of other numbers, all in a quick easy-to-read format.
The second guide, called 2020 Social Security Cheat Sheet focuses on everything you need to know about Social Security, including maximum benefits, how much benefits are reduced for retiring early, earning limits for people collecting Social Security.
Anyway, don't rely on me. Check out the two guides. You might need to zoom in on the computer to see them better. You might also want to print them out for future reference -- for this is an information world we live in, and so it's information that gives us both prosperity and empowerment.