Although our 2020,
Federal Income Taxes are not due until April 15, 2021, it is important to start planning today for 2021. The following is a list of some important tax thresholds:
2021 Annual Exclusion for Gifts
In 2021, the first $15,000 of gifts to any person are excluded from tax. The exclusion is increased to $159,000 for gifts to spouses who are not citizens of the United States.
2021 Federal Income Tax Brackets
For Single Individuals
10% Up to $9,950
12% $9,951 to $40,525
22% $40,526 to $86,375
24% $86,376 to $164,925
32% $164,926 to $209,425
35% $209,426 to $523,600
37% $523,601 or more
For Married Individuals Filing Joint Returns
10% Up to $19,900
12% $19,901 to $81,050
22% $81,051 to $172,750
24% $172,751 to $329,850
32% $329,851 to $418,850
35% $418,851 to $628,300
37% $628,301 or more
2021 Standard Deduction
Single $12,550
Married Filing Jointly $25,100
Head of Household $18,800
