The IRS has released the 2021 tax brackets (a bracketed rate table for the IRS federal income tax rates) and standard deduction amounts, and there are a number of inflation adjustments over the 2020 tax brackets and standard deductions. Since we’re still focused on 2020 for tax filing purposes, the 2020 tax brackets are going to be of most interest to you when you do your upcoming taxes, so I have included those as well. Armed with the below information, it would be an excellent time to calculate what your modified adjusted gross income will likely be next year and
The post 2020...
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[Read the rest of the story at 20somethingfinance.com]