At the time of this writing the election results for President and Georgia Senate have not been determined so commenting on the potential tax impact will not be undertaken. The Senate races in Georgia could have significant impact on taxes in the future.
There were several changes due to the coronavirus legislation and other changes that were set to happen such as new standard deduction amounts and tax bracket changes, various tax credits, and increases in retirement savings limits. The medical expense deduction can be deducted for the expenses in excess of 7.5% of adjusted gross income in 2020 but is slated to increase to 10% for 2021 for those that can itemize.
New in 2020 only for those who normally take the standard deduction you can deduct up to $300 in charitable contributions in addition to the standard deduction.
The table below show the maximum income for zero and 15% long term capital gains rates for both 2020 and 2021. Anything above the maximum 15% rate amount would be taxed at 20%.
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