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Mar 21 2020

#2020 #tax #brackets-2020 tax brackets



2020 tax brackets

2019/2020 Tax Brackets

Each and every year IRS (Internal Revenue Service) makes adjustments to the tax brackets that taxpayers will fall in. This year is going to be very interesting since it’s going to be the first tax year under the new Tax Cuts and Jobs Act. Other than the tax brackets, we have a doubled standard deduction and the elimination of personal exemptions.

Although it may sound a bit damaging to lower-income families with multiple dependent children, the changes are actually aimed to simplify and eventually benefit the lower and middle-income families and individuals across the country. Even though taxpayers cannot claim a personal exemption, the child tax credit has been doubled to $2,000 from $1,000 last year.

Unlike an exemption which reduces your taxable income, credits actually reduce the amount of money you owe to the IRS. To qualify for the child credit,

  • the child must be under the age of 17
  • the child must be related to you directly such as sister, brother, stepsister, stepbrother, foster child, adopted child, niece, nephew, cousin, etc.
  • the child must live or have lived with you for at least half of the tax year

As we mentioned above, at first glance it may seem scary without the exemptions but the increase in the child tax credit covers up the majority of the burden that comes with the elimination. Since there haven’t been any significant changes to the tax brackets from last year, we can say that the 2019 tax year is going to be easy for the majority of the taxpayers regardless of their income level. Tax brackets for the 2019 tax year are listed below.

2020 tax brackets



2020 tax brackets

2020 tax brackets

2019/2020 Tax Brackets Each and every year IRS (Internal Revenue Service) makes adjustments to the tax brackets that taxpayers will fall in. This year is going to be very interesting since it’s
SOURCE: http://www.taxcalculator2020.com/2019-2020-tax-brackets/ 2020 tax brackets

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