New 2021 IRS Income Tax Brackets And Phaseouts
Each year, the Internal Revenue Service (IRS) makes rounded inflationary adjustments to the federal income tax brackets and the income phase-outs for various tax deductions and tax credits.
Although IRS Publication 17, Your Federal Income Tax, and IRS Publication 970, Tax Benefits for Education, won’t be updated until 2021, the IRS usually publishes the updated numbers in a Revenue Procedure in late October or early November.
Original Article Source Credits: Forbes, https://www.forbes.com/
Article Written By: Mark Kantrowitz
Original Article Posted on: Nov 1, 2020