The IRS has announced most 2021 annual inflation-adjusted amounts. These adjustments generally apply to tax returns filed in 2022. The standard deduction for married couples filing jointly will rise to $25,100, up $300 from 2020. For single taxpayers and married individuals filing separately, it will increase to $12,550, up $150. The Alternative Minimum Tax exemption amount is $73,600 and begins to phase out at $523,600 for single taxpayers and $114,600 for married couples filing jointly for whom the exemption begins to phase out at $1,047,200. For 2021, there continues to be no limitation on itemized deductions. Click here for all of the 2021 annual inflation-adjusted amounts. Contact Cg Tax, Audit & Advisory for additional details. © 2020
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