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What to know for year two of the Trump tax plan

Finance

FILE – This July 24, 2018, file photo shows a portion of the 1040 U.S. Individual Income Tax Return form. The IRS began accepting and processing tax returns for individuals on Monday, Jan. 27, 2020. (AP Photo/Mark Lennihan, File)

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. 

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