The Florida Estate Planning and Probate Law Blog is focused on recent federal and state case law and planning ideas.

2021 Tax Information

♠ Posted by Marc J. Soss in ,,, at Wednesday, March 03, 2021
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