IRS Releases Key 2021 Tax Information

IRS Releases Key 2021 Tax Information

The IRS recently announced key tax figures for 2021, using information based on the Consumer Price Index published by the Department of Labor. Use these early figures to start developing your tax strategies for next year.

Tax Brackets: There are currently seven tax brackets ranging from 0 percent to 37 percent. Each of the income brackets increases between 0.71 and 1.00 percent. In 2020 the range was 1.59 to 1.80 percent.

Standard Deductions:

2021 Standard Deductions

Other Key Figures:

2021 Other Key Figures

Caution: Remember, these early IRS figures are prior to any potential tax law changes under consideration in Washington, D.C.