Tax Law and News 2021 Tax Rates Quick Reference Guide: Tax Brackets, Tax Tables & More Read the Article Open Share Drawer Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on LinkedIn (Opens in new window) Written by Jim Buffington, CPA Modified Jun 10, 2021 2 min read As we lean into tax planning for tax year 2021 and tax preparation for the 2020 tax year, the quick reference summary below may be helpful for your team and your clients. Here is a printable version that can be customized with your contact information to share with your clients. Social Security changes for 2021 Below are important changes to 2021 Social Security benefits and taxable amounts. Standard deductions Below are the 2021 Standard deduction amounts, indexed for inflation. Every taxpayer situation is different, so advise your clients as to whether to take the standard deduction or itemize deductions. 2020 tax brackets and tax rates Below are the 2020 tax brackets and tax rates. For the 2020 tax year, the tax rates are the same, while the brackets increased. 2021 tax brackets and tax rates Below are the 2021 tax brackets and tax rates. For the 2021 tax year, the tax rates are the same, while the brackets increased. 2021 capital gains tax rates Below are the 2021 capital gains tax brackets and tax rates. For the 2021 tax year, the tax rates are the same, while the brackets increased. IRA and retirement plan contributions The annual limits for 2021 IRA contributions did not change, and most of the annual limits for 2021 retirement plan contributions did not change. Estimated tax due dates Taxes are pay as you go, which means that your clients need to pay most of your tax during the year as you receive income, rather than paying at the end of the year. There are two ways to pay tax: Withholding from pay, pension, or certain government payments, such as Social Security. Making quarterly estimated tax payments during the year. Here are the due dates for 2021 estimated tax payments: Credits The 2020 Families First Coronavirus Response Act introduced new tax credits related to COVID-19-related sick leave for eligible employers, and self-employed individuals. The following are common tax credits. Expenses and exemptions The following are expenses and exemptions to consider in planning. Visit this IRS page for a list of current IRS mileage rates for 2021. Previous Post New York tax law update: What you need to know… Next Post December 2020 tax and compliance deadlines Written by Jim Buffington, CPA Jim Buffington, CPA, is an advisory services leader with Intuit® Accountants. He has 20+ years of professional experience in sales management, public accounting, strategic alliances, product marketing, business process design, new business development and strategic planning. Connect with Jim on Twitter @jimatintuit. More from Jim Buffington, CPA 9 responses to “2021 Tax Rates Quick Reference Guide: Tax Brackets, Tax Tables & More” Much appreciated. Reminder to gear-up for the season. That is excellent information. Thanks Useful information How can I print separate reports with larger font? Thamls Mr Walston – there is a link in the first paragraph to a printable version. Click on that, save the PDF and then adjust your settings. Thanks. Thanks for your help Thanks for pulling all of this together! Will you be updating this for the only missing item, the recently released Mileage Rates? Hi John – yes, we plan to; in the meantime, see https://www.irs.gov/newsroom/irs-issues-standard-mileage-rates-for-2021. Well done. I have not seen this in previous years. Thanks for sharing Browse Related Articles Tax Law and News Quick Reference Guide to Content for Tax Year 2019 Tax Law and News The future of the Child Tax Credit Tax Law and News IRS announces tax year 2023 changes to the standard ded… Tax Law and News 3 Things to Know About W-4 Withholding and Tax Reform Tax Law and News IRS issues guidance on taxability of dependent care ass… Tax Law and News Gift tax and kiddie tax treatments for tax year 2021 Tax Law and News January 2022 tax and compliance deadlines Tax Law and News December 2021 tax and compliance deadlines Tax Law and News Child Tax Credit expanded for tax year 2021 Tax Law and News Embracing Tax Reform: How to Provide More Value to Clie…
Mr Walston – there is a link in the first paragraph to a printable version. Click on that, save the PDF and then adjust your settings. Thanks.
Thanks for pulling all of this together! Will you be updating this for the only missing item, the recently released Mileage Rates?
Hi John – yes, we plan to; in the meantime, see https://www.irs.gov/newsroom/irs-issues-standard-mileage-rates-for-2021.