2021 Tax Brackets and Other Tax Changes

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On October 26, 2020, the Internal Revenue Service published the 2021 tax rates, allowances and thresholds applicable for the tax law provisions that are adjusted annually for inflation.1 For 2021 returns filed by individual taxpayers in 2022, the top tax rate will continue to be 37% but the standard deduction, tax bracket ranges, other deductions, and phase-outs will increase. (Note that, in April 2021, individual taxpayers will be filing their 2020 taxes, according to 2020 tax rules.)

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Original Article Source Credits:   Investopedia , https://www.investopedia.com/

Article Written By:  MICHELLE P. SCOTT

Original Article Posted on:  Oct 29, 2020

Link to Original Article:  https://www.investopedia.com/2021-tax-brackets-other-tax-changes-5084597