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Tax Rates

Single (other than surviving spouses and heads of households)Standard Deduction-$12,400
10%	0-$9,875
12%	$9,876-$40,125
22%	$40,126-$85,525
24%	$85,526-$163,300
32%	$163,301-$207,350
35%	$207,351-$518,400
37%	Over $518,400

2021 Tax Rates - Married Jointly &Surviving Spouses Standard Deduction-$24,800
10%	$0-$19,750
12%	$19,751-$80,250
22%	$80,251-$171,050
24%	$171,050-$326,600
32%	$326,601-$414,700
35%	$414,700-$622,050
37%	Over $622,050

2021 Tax Rates-MARRIED FILING SEPARATELY Standard Deduction-$12,400
10%	$0- $9,875
12%	$9,876-$40,125
22%	$40,126-$85,525
24%	$85,526-$163,300
32%	$163,301-$207,350
35%	$207,351-$311,025
37%	Over $311,025

2021 Tax Rates - Head of Household Standard Deduction-$18,650
10%	$0- $14,100
12%	$14,101-$53,700
22%	$53,701-$85,500
24%	$85,501-$163,300
32%	$163,301-$207,350
35%	$207,351-$518,400
37%	Over $518,400

Please note: For taxable years beginning in 2020, the additional standard deduction amount for those age 65 or over is $1,300, and an additional $1,300 for each qualified instance of blindness. The additional standard deduction amount is increased to $1,600 if the individual is also unmarried and not a surviving spouse.
The new law includes a number of provisions suspending or modifying these deductions.
Taxpayers may receive a larger deduction if they itemize. Itemized deductions may include state and local income taxes, real estate taxes, mortgage interest, charitable donations and unreimbursed allowable medical and dental expenses that is more than 10% of their adjusted gross income (AGI)—(waived if age 65 or older in 2013–2020).

→PERSONAL EXEMPTION (ELIMINATED): Tax filers can no longer claim the $4050 personal exemption for themselves or their dependents.

→CHILD TAX CREDIT (INCREASED): For 2018, the credit increases to $2000 in value from $1000.A new $500 credit for non-child dependents is also available.

→STATE AND LOCAL TAXES (CAPPED):Taxpayers can deduct up-to $10000 in state and local income taxes.
ACA INDIVIDUAL MANDATE: Those who choose to not have healthcare coverage in 2020 will not have to pay a tax penalty.

The penalty on individuals for failing to maintain minimum essential health coverage was repealed, but does not take effect until 2020. The penalty, or shared responsibility payment, still applies for 2018.

→MORTGAGE INTEREST DEDUCTION (DROPPED): Individuals who purchase a home in 2018 can deduct mortgage interest on up-to $750,000 of acquisition indebtedness (previously $1 million). The interest deduction on home-equity indebtedness was eliminated.

→RETIREMENT FUND CONTRIBUTION LIMITS LIMITS (INCREASED):Employee can now contribute up to $18,500 to their 401(k), 403(b), most 457 plans, and Thrift Savings plan.

That’s a $500 increase from the 2017 limit.

→ROTH IRA CONTRIBUTION INCOME PHASE-OUT LIMITS (RAISED): The income phase-out for individuals and Head of House Holds raised to $135,000 from $120,000. The phase-out for married couples increased to $199,000 from $189,000. No adjustment was made for married Individuals who files separate tax returns.

→QUALIFIED BUSINESS INCOME DEDUCTION (INTRODUCED):Qualified Business Income Deduction (QBI): Taxpayers who own sole proprietorships, LLC, rental properties, S-Corporations and Partnerships can generally deduct 20% of qualified business income.

→MEDICAL EXPENSES: There are also changes to claiming medical expenses as a deduction: Through tax year 2018, you can deduct expenses that exceed 7.5% of your income, and in 2020 that number goes up to 10%.

→MOVING EXPENSE REIMBURSEMENTS: Unless you are an active duty member of the Armed Forces who moves due to military orders, you can no longer claim the exclusion for moving expenses.

→ALIMONY: Alimony payments will not be deductible or taxable to the recipient beginning with new divorces in 2020. Divorces during or before 2018 will be grandfathered in.