The IRS has begun accepting and processing tax returns for individuals. Last year’s filing season was an adjustment for taxpayers and industry professionals alike as it was the first under a massive overhaul of federal tax law.
While this year’s season is expected to be more sedate, there are a few tweaks to be aware of. For one, there is no longer a penalty on federal taxes for not having health insurance. And anyone who got divorced after 2018 and pays alimony can no longer deduct alimony payments.
Also, a few tax provisions that had expired or were going to expire soon have been extended.