Healthy, Wealthy
& Wise
Pandemic Prompts Tax Changes for 2020
ANDY GOTLIEB | JE MANAGING EDITOR
WHILE THE PANDEMIC’S
created heartaches
and headaches galore for everyone,
taxpayers may fi nd themselves
benefi ting a bit when they go to
fi le their 2020 returns.

Th at’s especially true if
you live in the suburbs and
normally work in Philadelphia,
but instead spent most of the
year working from home, said
Caryn Nelson, a West Chester-
based CPA. You will be able to
claim a credit for those days
at home from the 3.5% wage
tax Philadelphia levies on
nonresidents. As always, numerous
changes occurred to the tax
code, especially for businesses.

“As far as regular changes,
there aren’t many more than
usual, but there are many
related to COVID,” Nelson said.

“It’s no diff erent this year
than any other, except we’re
working from home and
setting our own hours,” agreed
Michael Casey, a CPA with
Savran Benson LLP in Bala
Cynwyd. Here are a few things to
know, according to local
CPAs. As always, check with
your own accountant to
see how the changes might
impact you.

• Th e standard deductions
increased. For a single
person, it increased $200
to $12,400 and grew $400
to $24,800 for a married
couple fi ling jointly. Th ose
who fi le as head of house-
hold now get $18,650, up
$300. Th e income brackets
increased as well.

• Stimulus checks do not
count as taxable income.

However, if you didn’t
receive payments or may
have received the wrong
amounts, you might be able
to claim the diff erence for a
refund. • Th e required age for taking
minimum IRA distribu-
tions climbed to 72 from
70½. And those over 70½
who are still working can,
for the fi rst time, make a
contribution to their IRA.

Th ere also were no required
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16 JANUARY 28, 2021
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