The tax season is here again! This year, the IRS announced 4 recent changes in tax laws that can save you a lot. 1. Individual Income Tax The IRS has increased the standard deduction, which can increase your taxable income. New tax brackets in 2020: The current standard deduction is $12,400 for singles , up from $12,200 in the prior year, and $24,800 for married joint filers , up from $24,400 in 2019. 2. Retirement savings contribution limits The IRS has raised the emplo