IRS Releases Key 2020 Tax Information

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The IRS recently announced key tax figures for 2020, using information based on the Consumer Price Index published by the Department of Labor. Use these early figures to start developing your tax strategies for next year.

Tax Brackets: There are currently seven tax brackets ranging from 0 percent to 37 percent. Each of the income brackets increases between 1.59 and 1.80 percent.

Standard Deductions:

2020 Standard Deductions table

Other Key figures:

2020 Other Key Figures table

Caution: Remember, these early IRS figures are prior to any potential tax law changes currently under consideration in Washington D.C.

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