Latest Tax Brackets, Standard Deduction and other Tax Updates

[2020-21 update] See the latest tax tables and brackets for the current and upcoming tax year _____ [2017 update] The IRS has published the latest 2017 tax figures (for filing taxes in 2018) reflecting minor COLA updates to federal thresholds. You can see 2016 and past tax tables here. …

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Year End Tax Moves You Can Start Making Now

With year-end around the corner most people are far more focused on holiday shopping rather than on reducing their tax liability. But the fact is that unless you make tax saving moves before year end, you may end up paying Uncle Sam (a.k.a the IRS) …

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2020 and 2021 Medical Expense Deduction Income (AGI) Limit

In 2019, the IRS allows all taxpayers to deduct the total qualified unreimbursed medical care expenses for the year that exceeds 7.5% of their adjusted gross income. Beginning in 2020 and into 2021, the threshold amount increases to 10% of AGI. [Source: TurboTax] [Prior year …

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Pick Your Correct Tax Filing Status To Minimize Taxes

Selecting your tax filing status is one of the first key steps in filing your federal tax return. Choosing the right status is extremely important because it can affect your filing requirements, standard deduction and eligibility for certain tax credits/deductions. In certain situations picking an …

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