2020 was an unusual year, to say the least, and taxes were no different. While the pandemic and related financial crisis continue across the country as we enter 2021, what can you expect this year when it comes to your tax filings? The following are some things to know, and you can always discuss the matter more closely with a tax lawyer in San Francisco.
No Filing Extension Yet
As of now, the tax deadline is the traditional date of April 15, 2021, and there has been no extension announced for filing 2020 taxes by the Internal Revenue Service (IRS). Make your appointment with an attorney now, so you can be prepared to file on time.
Income Brackets and Deductions
The income brackets and standard deductions were also adjusted for 2020 taxes. Your income bracket dictates what you tax rate will be, as follows for a single individual (joint filers should double the income):
- Up to $9,875 = 10 percent
- $9,875 to $40,125 = 12 percent
- $40,125 to $85,525 = 22 percent
- $85,525 to $163,300 = 24 percent
- $163,300 to $207,350 = 32 percent
- $207,350 to $518,400 = 35 percent
- More than $518,400 = 37 percent
If you are head of household, your tax bracket will look different from the above. If you are taking the standard deduction, it will be:
- Single = $12,400
- Joint filing = $24,400
- Head of Household = $18,650
Of course, you should discuss with your attorney whether the standard deduction or itemizing is best for you.
Contact a Tax Lawyer San Francisco for More Information
The above is basic information to know about filing taxes this year, though most taxes are anything but basic. If you need legal assistance, consult with a San Francisco tax attorney at SF Tax Counsel. Contact us online or call 415.318.3990 today.