IRS has just announced tax brackets and standard deductions for tax year 2021 (details available here), but for now we are more concerned with the rates for 2020, which will determine what my clients owe or are due next April.

Just as it did last year, the standard deduction for tax year 2020 has risen by $200 for single filers, reaching $12,400, and by $400 for married couples filing jointly, to $24,800. We will generally only itemize for you if it puts your deductions over those amounts. has put together nice tables of the tax rates for each income bracket, based on filing status: click here for those charts. Remember that when you move up to a higher income bracket, only that additional money is subject to the higher rate, not all your income.