We’re in the midst of the 2020 tax season – do you know how the Tax Cut and Jobs Act may affect your return for this year’s taxes? In a recent post, TaxAudit discusses the new tax brackets and adjustments to the tax code that could change your return next tax season. TaxAudit gives taxpayers the resources and support they need to be prepared for an IRS or state audit.
If you want to get a head start on your tax planning for the 2021 tax season, it’s a good idea to get an idea of the projected rates for the current year. The following offers the 2019 tax rates and the predicted rates for 2020.
For your 2019 return, here are the tax brackets:
- 10%: $9,700 and under
- 12%: $9,701 to $39,475
- 22%: $39,476 to $84,200
- 24%: $84,201 to $160,725
- 32%: $160,726 to $204,100
- 35%: $204,101 to $510,300
- 37%: $510,301 and up
The 2019 brackets for joint returns are:
- 10%: $19,400 and under
- 12%: $19,401 to $78,950
- 22%: $78,951 to $168,400
- 24%: $168,401 to $321,450
- 32%: $321,451 to $408,200
- 35%: $408,201 to $612,350
- 37%: $612,351 and over
If you are looking towards next year’s taxes, here are a few things you should know about how the 2017 Tax Cuts and Jobs Act will affect your accounting of your 2020 income.
For your 2020 return, here are the tax brackets:
- 10%: $9,875 and under
- 12%: $9,876 to $40,125
- 22%: $40,126 to $85,525
- 24%: $85,526 to $163,300
- 32%: $163,301 to $207,350
- 35%: $207,351 to $518,400
- 37%: $518,401 and up
The 2020 brackets for joint returns are:
- 10%: $19,750 and under
- 12%: $19,751 to $80,250
- 22%: $80,251 to $171,050
- 24%: $171,051 to $326,600
- 32%: $326,601 to $414,700
- 35%: $414,701 to $622,050
- 37%: $622,051 and over
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If you think your tax return could be vulnerable to an audit, please visit TaxAudit.com to learn more about their services.
