Tax Changes to be Aware of in 2021
- Important tax changes for 2021
- Top changes in deductions and credits for 2020
- Types of tax deductions to be aware of when filing 2020 taxes
- How to claim tax deductions
- Other changes to be aware of for the 2020 tax season
- When will the IRS start accepting tax returns for 2020?
- Can I still claim tax exemptions in 2020?
- Will the stimulus check impact my taxes?
- Will tax refunds be delayed in 2021?
- When are my 2020 taxes due?
- What is the capital gains tax for 2020?
- What are the AMT exemption rates for 2020?
- How much social security income is taxable in 2020?
- The bottom line
Important tax changes for 2021
|Single Tax Rate||Single||Married Tax Rate||Married, Filing Jointly|
|10%||$9,875 or less||10%||$19,750 or less|
|12%||$9,876 - $40,125||$1,975 + 12% of income over $19,751||$19,751 - $80,250|
|22%||$40,126 - $85,525||$9,235 + 22% of income over $80,250||$80,251 - $171,050|
|24%||$85,526 - $163,300||$29,211 + 24% of income over 171,050||$171,051 - $326,600|
|32%||$163,301 - $207,350||$66,543 + 32% of income over $326,600||$326,601 - $414,700|
|35%||$207,351 - $518,400||$94,735 + 35% of income over $414,700||$414,701 - $622,050|
|37%||$518,401+||$167,307.50 + 37% of income over $622,050||$622,051+|
Top changes in deductions and credits for 2020
What are tax deductions?
What are tax credits?
Types of tax deductions to be aware of when filing 2020 taxes
Home office deduction
Charitable donation deductions
Student loan interest deduction
Earned income tax credit
|Number of children (or claimed relatives)||Maximum AGI (must file as single, head of household or widowed)||Maximum AGI (must file as married or jointly)||Maximum EITC credit you can claim|
Child tax credit
Additional business deductions
- Capital expenses
- Costs of goods sold
- Employee salaries
- Retirement plans
- Interest charged
How to claim tax deductions
|Filing status||Standard deduction|
|Married, filing jointly||$24,800|
|Married, filing separately||$12,400|
|Head of household||$18,650|
Other changes to be aware of for the 2020 tax season
Individual stimulus checks
Estate tax increases
When will the IRS start accepting tax returns for 2020?
Can I still claim tax exemptions in 2020?
Will the stimulus check impact my taxes?
Will tax refunds be delayed in 2021?
When are my 2020 taxes due?
What is the capital gains tax for 2020?
- 0% - income under $53,601
- 15% - income between $53,601 and $469,050
- 20% - income over $469,051
What are the AMT exemption rates for 2020?
How much social security income is taxable in 2020?
The bottom line
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