While it's unlikely that any changes would be retroactive to January 2021 (recall that the Tax Cuts and Jobs Act went into effect in 2018, President Trump's first full year in office), it's entirely possible. Could the 2021 tax brackets change?Īs a final thought, it's worth noting that it's entirely possible that these tax brackets could end up changing, depending on the outcome of the election. Here's a quick look at how the 2021 standard deduction has increased from 2020.ĭata source: IRS. Since it is used in determining taxable income, it's worth mentioning that the standard deduction has been adjusted for inflation as well. The 2021 standard deduction has increased as well
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