The IRS has released the new rates for tax year 2021.
· The standard deduction for married filing jointly will be $25,100; single and married filing separately will be $12,550; and HOH will be $18,800.
· The personal exemption remains at $0.
· Rates will range from 10% to 35%, pending income levels.
· There is no limitation on itemized deductions.
· The annual exclusion for gifts is $15,000.
For a full list of the new rates and limitation go to the IRS website here - https://lnkd.in/dVF5xN7
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