Looking for Tax Opportunities for 2021?

We’ve read the tax changes for 2021 and highlighted a few that impact most people.  We’ll continue to review tax changes for the New Year to keep you aware of Tax opportunities.  If you’ve got a tax question, Accolade will have an easily understandable explanation to share with you. Just Ask!

 

Cheers!

JD Longino, CPA

 

Tax Expense Decrease/Tax Opportunity Increase

Some of the upcoming 2021 Changes

Increase $300 Standard Deduction for married couples filing jointly
 
Increase $150 Standard deduction for single and married filing separately and heads of household
 
Increase Tax Category Adjustments for individuals
• 35% for incomes over $209,425
• 32% for incomes over $164,925
• 24% for incomes over $86,375
• 22% for incomes over $40,525
• 12% for incomes over $9,950
 
Increase $700 Alternative Minimum Tax Exemption for married couples filing jointly
 
Increase Maximum Earned Income Credit for taxpayers with 3 or more qualifying children
 
Increase $50 in the carryover of unused benefit
 
Increase $110 the maximum credit allowed for adoption expenses