New Tax Brackets for 2021... What Will You Owe?
The Internal Revenue Service has released 2021 tax brackets, including inflation adjustments for the next year. The IRS also boosted the standard deduction for a single taxpayer to $12,550, an increase of $150 from this year. Married couples could see a $300 increase with a joint deduction of $25,100. There are seven marginal tax brackets. The IRS will tax different portions of your income at different rates. Here’s how the seven tax brackets will break down, according to the