After the changes with the Tax Cuts and Jobs Act, most taxpayers faced a shock when they heard the amount of tax they were going to pay.
Although most of the changes were focused on to make the U.S. tax code simple and more understandable for everyone, lots of people were shocked when they heard they were going to pay a lesser amount of tax compared to previous years. At the same time, many taxpayers thought there was something wrong and thought that they were going to pay more tax next year.
This is the farthest thing from the truth because the changes will still apply to next year with some minor adjustments that will possibly not have an effect on the amount of taxes you will pay to the IRS if your taxable income stays the same.
The only way you would pay more taxes is if your taxable income suddenly increases and therefore you will face paying more taxes in return of that. If you’re looking for ways to pay less tax in 2020, you can check our front page to get every piece of information you need to lower your taxable income as much as you can.