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2. Know Before You File: Tax Breaks for Tax Year 2020 - AOL

   www.aol.com/know-file-tax-breaks-tax-020044046.html

   Tax returns for the 2020 tax year are due by May 17, 2021. The IRS offers numerous tax deductions, exemptions and credits to lower your tax bill. Many of these tax breaks are indexed for inflation,...

3. Is the Section 199A Dividend Deduction Right for You? Pros ...

   www.aol.com/finance/pros-cons-section-199a...

   The Section 199A deduction for dividends is claimed on Form 8995 or Form 8995-A and then flows through to Line 13 of your Form 1040. This deduction does not lower your marginal tax bracket or ...

4. 2020 tax guide: Everything you need to know to file this year

   www.aol.com/2020-tax-guide-everything-know...

   Tax Day is May 17. Consider this guide a heads-up on the rules, deductions and red flags you need to know about before filing. Tax Day is May 17. Consider this guide a heads-up on the rules ...

5. Dividends received deduction - Wikipedia

   en.wikipedia.org/wiki/Dividends_received_deduction

   In order to receive the tax benefit of a dividends received deduction, a corporate shareholder must hold all shares of the distributing corporation's stock for a period of more than 45 days. Per §246(c)(1)(A), a dividends received deduction is denied under §243 with respect to any share of stock that is held by the taxpayer for 45 days or less.

6. Above-the-line deduction - Wikipedia

   en.wikipedia.org/wiki/Above-the-line_deduction

   Above-the-line deductions are generally more advantageous for a high income taxpayer than so-called below-the-line deductions. Below-the-line deductions are subtracted from a taxpayer's adjusted gross income. Above-the-line deductions may also be subject to income-sensitive phaseouts or limitations, e.g., MAGI limits on the tuition and fees ...

7. Standard deduction - Wikipedia

   en.wikipedia.org/wiki/Standard_deduction

   However, the additional deduction is $1,850 for unmarried individuals who are not qualifying surviving spouses. [26] For dependents, the standard deduction is equal to earned income (that is, compensation for services, such as wages, salaries, or tips) plus a certain amount ($400 in 2023). A dependent's standard deduction cannot be more than ...

8. IRS Tax Brackets: Here’s How Much You’ll Pay in 2021 on What ...

   www.aol.com/irs-tax-brackets-much-ll-163733449.html

   For tax year 2020, the standard deduction rises from 2019 levels to $12,400 for single filers, $24,800 for married filing jointly, $12,400 for married filing separately and $18,650 for heads of ...

9. Adjusted gross income - Wikipedia

   en.wikipedia.org/wiki/Adjusted_gross_income

   Adjusted gross income is gross income less deductions from a business or rental activity and 21 other specific items. Several deductions (e.g. medical expenses and miscellaneous itemized deductions) are limited based on a percentage of AGI. Certain phase outs, including those of lower tax rates and itemized deductions, are based on levels of AGI.