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.
Other Key figures:
Caution: Remember, these early IRS figures are prior to any potential tax law changes currently under consideration in Washington D.C.
"Tax Tips" are published to provide current tax information, tax-cutting suggestions, and tax reminders. If you would like more information on anything in "Tax Tips," or if you'd like to be on our mailing list to receive other tax information from time to time, please contact our office.
The tax information contained in this site is of a general nature and should not be acted upon in your specific situation without further details and/or professional assistance.
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145 Tower Drive, Suite 4
Burr Ridge, IL 60527
Phone (630) 320-3720
To better serve our clients and friends, to keep you up-to-date and informed, our blog is a resource for tax tips and overall accounting related articles. We hope you find this useful!