Standard Deduction
Filing status | 2020 tax year | 2021 tax year |
---|---|---|
Single | $12,400 | $12,550 |
Married, filing jointly | $24,800 | $25,100 |
Married, filing separately | $12,400 | $12,550 |
Head of household | $18,650 | $18,800 |
-The standard deduction is $1,350 higher for those who are over 65 or blind; it’s $1,700 higher if also unmarried and not a surviving spouse
-If someone can claim you as a dependent, you get a smaller standard deduction.
Tax Brackets
Tax rate | Single | Married, filing jointly | Married, filing separately | Head of household |
---|
10% | $0 to $9,950 | $0 to $19,400 | $0 to $9,700 | $0 to $13,850 |
12% | $9,951 to $40,525 | $19,401 to $78,950 | $9,701 to $39,475 | $13,851 to $52,850 |
22% | $40,526 to $86,375 | $78,951 to $168,400 | $39,476 to $84,200 | $52,851 to $84,200 |
24% | $86,376 to $164,926 | $168,401 to $321,450 | $84,201 to $160,725 | $84,201 to $160,700 |
32% | $164,927 to $209,425 | $321,451 to $408,200 | $160,726 to $204,100 | $160,701 to $204,100 |
35% | $209,426 to $523,600 | $408,201 to $612,350 | $204,101 to $306,175 | $204,101 to $510,300 |
37% | $523,601 or more | $612,351 or more | $306,176 or more | $510,301 or more |
Earned Income Tax Credit ( EITC )
Number of children | Maximum earned income tax credit | Max earnings, single or head of household filers |
Max earnings, joint filers |
---|---|---|---|
0 | $529 | $15,570 | $21,370 |
1 | $3,526 | $41,094 | $46,884 |
2 | $5,828 | $46,703 | $52,493 |
3 or more | $6,557 | $50,162 | $55,952 |
Most Common Credits
There are hundreds of deductions and credits out there. Here’s a list of some common ones, as well as links to our other content that will help you learn more.
Deduct up to $2,500 from your taxable income if you paid interest on your student loans. (How it works.)
This lets you claim all of the first $2,000 you spent on tuition, books, equipment and school fees — but not living expenses or transportation — plus 25% of the next $2,000, for a total of $2,500. (How it works.)
For 2021 only, the total expenses that you may use to calculate the credit may not be more than $8,000 (for one qualifying individual) or $16,000 (for two or more qualifying individuals). Expenses paid for the care of a qualifying individual are eligible expenses if the primary reason for paying the expense is to assure the individual’s well-being and protection. If you received dependent care benefits that you exclude or deduct from your income, you must subtract the amount of those benefits from the dollar limit that applies to you.
- For each qualifying child age 5 or younger, an eligible individual generally received $300 each month. That was determined by dividing $3,600 in half, which is $1,800. Six monthly payments of $300 provided the eligible individual with $1,800.
- For each qualifying child ages 6 to 17, an eligible individual generally received $250 each month. That was determined by dividing $3,000 in half, which is $1,500. Six monthly payments of $250 provided the eligible individual with $1,500.
- Medical Expenses
- Self Employed Deductions