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There will be changes to tax exclusions and deductions in 2020. The estate tax exclusion will go up $180,000 to $11.58 million. Individual estates worth up to $11.58 million will not be subject to federal or gift taxes. Estates for married couples will not be subject to federal or gift taxes if they don’t exceed $23.16 million.
Gift tax exclusions will remain at $15,000.
The standard deduction for single taxpayers and married individuals filing separately increases by $200 to $12,400 in 2020. Married couples filing jointly will have deductions of $24,800. The standard deduction will be $18,650 for heads of households which is an increase of $300.
There will also be an increase in 2020 for the Alternative Minimum Tax exemption to $72,900 from $71,700 which begins to phase out at $518,400 from $510,300. For married couples filing jointly the exemption will be $113,400 and will start to phase out at $1,036,800.
The adjusted gross income amount is rising by $2000 to $118,000 for joint filers to determine the reduction in the Lifetime Learning Credit in 2020.
Below are the tax rates:
37% for incomes over $518,400 – $622,050 for married couples filing jointly
35% for incomes over $207,359 – $414,700 for married couples filing jointly
32% for incomes over $163,300 – $326,600 for married couples filing jointly
24% for incomes over $85,525 – $171,050 for married couples filing jointly
22% for incomes over $40,125 – $80,250 for married couples filing jointly
12% for incomes over $9875 – $19,750 for married couples filing jointly