Is the Biden tax plan in effect for 2021 returns?

[cockerellc]

Are the 2021 tax laws the same as the 2020?

[Critter-3]

Certain things were for 2020 only  and some for 2021 only.  To what exactly are you referring to ? 

[cockerellc]

In 2020, my total deductions were less than the standard deduction (single). There was no noticeable decrease in my same old deductions (small business, charitable deductions, age (73), etc), but this is the first time in MANY years that situation occurred. For many years, the choice made by Turbo Tax had been my detailed deductions over the standard deduction.

[Critter-3 · Accepted solution]

"small business" ???   Those go on a Sch C  not a Sch A  and nothing has changed on either of those forms. 

May I suggest you look at your return ... if you are using the downloaded program then switch to the FORMS mode, in the online program click on TOOLS ...

How do I preview my TurboTax Online return before filing?

You can view your entire return or just your 1040 form before you e-file:

1. Open or continue your return.
2. Select Tax Tools in the left menu (if you don't see this, select the menu icon in the upper-left corner).
3. With the Tax Tools menu open, you can then:
   • Select Print Center and then Print, Save, or Preview This Year's Return to preview your entire return, including all forms and worksheets (you may be asked to register or pay first).
   • View only your 1040 form by selecting Tools. Next, select View Tax Summary in the pop-up, then Preview my 1040 in the left menu.

[VolvoGirl]

In 2020 if you took the Standard Deduction (instead of itemized Deductions on Schedule A) you could also deduct $300 for charity.  Check your 1040 line 10b.   In 2021 it is increased to $600.

Don't confuse itemized deductions on schedule A with your business expenses/deductions on schedule C. They are separate. For Schedule A personal deductions, you get to take your itemized deductions or the standard deduction, whichever is larger.  Itemized deductions are things like Medical, Gifts to Charity, State Income Taxes Paid, Mortgage Interest, Property Taxes, Car Registration fees, etc.

You get to take both,  your business expenses AND the Standard Deduction (or your personal Itemized Deductions).  And you have to enter your business expenses.  Be aware, if you have self employment income you can get in trouble for not reporting all your expenses to qualify for the EIC.