2020 Income Tax Brackets
As we close out 2019, it is a good time to think ahead about the coming year. Below are the 2020 Income tax brackets for all taxpayers.
In addition to the marginal tax brackets, the capital gains and qualified dividend rates remain at 0%, 15%, and 20%. Here is a breakdown of those thresholds:
In 2020, the standard deduction for married tax payers is $24,800 ($12,400 for single taxpayers). So, itemized deductions will need to exceed that amount in order to itemize your deductions. As in 2019, our expectation is that more taxpayers than ever will take the standard deduction.
We look forward to keeping you informed of any major tax changes and assisting in all your tax planning needs over the coming year. Happy New Year!