It is not always simple to figure out which federal income tax bracket your earnings fall into as an individual or married couple. However, you will need to know this information in order to identify the best solutions and strategies to reduce your federal tax bill.
It is true that the Tax Cuts and Jobs Act generally reduced tax rates across the board, however, the increased standard deduction and loss of personal exemptions, as well as other financial factors, have also left an impact on the calculations we use to determine the tax bracket into which individual’s incomes fall.
Below are the tax rates for the 2020 filing season:
RATE SINGLE MARRIED FILING JOINTLY HEAD OF HOUSEHOLD
10% $0 – $9,700 $0 – $19,400 $0 – $13,850
12% $9,700 – $39,475 $19,400 – $78,950 $13,850 – $52,850
22% $39,475 – $84,200 $78,950 – $168,400 $52,850 – $84,200
24% $84,200 – $160,725 $168,400 – $321,450 $84,200 – $160,700
32% $160,725 – $204,100 $321,450 – $408,200 $160,700 – $204,100
35% $204,100 – $510,300 $408,200 – $612,350 $204,100 – $510,300
37% More than $510,300 More than $612,350 More than $510,300
Get Relief For Your Business Today
You may qualify for a federal disaster loan of up to $2 millions dollars if you are a small business or nonprofit organization that has been significantly affected by the coronavirus pandemic. If you are interested in learning more about how you can get financial help for your business, contact King Financial Services in Dallas, TX. Our team can help you find out if you are qualified and also help you apply for a loan today. You can apply here.
Tax Preparation in Euless, TX
At King Financial Services, we offer the most comprehensive and affordable financial and tax services in Euless. Our team of financial experts work with individuals and businesses to keep their finances accounted for and their taxes properly filed. Working with our team will make it easy to stay organized and on track so you can focus on what is really important in your life. We help to ensure you are not missing out on any tax exemptions or write-offs and are filing without error.
Don’t get lost in the paperwork that comes along with running a business, instead reach out to King Financial Services. Our team of financial professionals understand how overwhelming it can be to you and your staff to keep up with additional tasks and record keeping. This is why we help eliminate the workload that comes with bookkeeping in house by managing all of the additional responsibilities, such as payroll and bookkeeping. Contact us today to learn more about the tax and financial services we offer. Sandra King is an enrolled agent, empowered by The United States Treasury to prepare your personal or business tax filing. While her services are offered nationwide, Sandra King locally serves the greater Dallas-Fort Worth area, including but not limited to Arlington, Bedford, Colleyville, Euless, Fort Worth, Grand Prairie, Hurst, Mansfield, North Richland Hills, and Richland Hills.