Tree of Life Tax Preparation Services

11/12/2022

01/31/2021

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01/27/2021

2020 Standard Deduction
Filing Status
Married Filing Jointly
Alternative Minimum Tax
Deduction Amount
$24,800
TAX FOUNDATION | 2
Single
$12,400
Head of Household
$18,650

01/27/2021

Tax Brackets and Rates, 2020
For Single Individuals, Taxable Income Over
12%
24%
35%
Source: Internal Revenue Service
For Married Individuals Filing Joint Returns, Taxable Income Over
$19,750 $171,050 $414,700
For Heads of Households, Taxable Income Over
$14,100 $85,500 $207,350
Rate
10%
$0
$0
$0
22%
$40,125
$80,250
$53,700
The Tax Foundation is the nation’s leading independent tax policy research organization. Since 1937, our research, analysis, and experts have informed smarter tax policy at the federal, state, and local levels. We are a 501(c)(3) nonprofit organization.
©2019 Tax Foundation Distributed under
Creative Commons CC-BY-NC 4.0
Editor, Rachel Shuster Designer, Dan Carvajal
Tax Foundation
1325 G Street, NW, Suite 950 Washington, DC 20005
202.464.6200
taxfoundation.org
$9,875 $85,525 $207,350
32%
$163,300
$326,600
$163,300
37%
$518,400
$622,050
$518,400

Tax Foundation is America's leading independent tax policy resource, providing trusted nonpartisan tax data, research, and analysis since 1937.

01/24/2021

https://youtu.be/ujQNBNbm_Kg

01/20/2021

Taxpayers can use the Tax Withholding Estimator on IRS.gov to help determine the right amount of tax to have withheld from their paychecks. If they need to adjust their withholding for the rest of the year time is running out, they should submit a new Form W-4, Employee's Withholding Certificate, to their employer as soon as possible.

Taxpayers who received non-wage income like self-employment income, investment income, taxable Social Security benefits and in some instances, pension and annuity income, may have to make estimated tax payments. Payment options can be found at IRS.gov/payments.

Pay your taxes, view your account or apply for a payment plan with the IRS.

01/20/2021

The standard deduction for 2020 increased to $12,400 for single filers and $24,800 for married couples filing jointly. Income tax brackets increased in 2020 to account for inflation