tax tricks tips and advice

Tax Tips Tricks and Advice

Time to move on everyone. New 2020 Tax Numbers have been released for many important income tax deductions, including the all important 2020 mileage deduction rate. And, of course, the best 2020 Tax Tips Tricks and Advice is now available for savvy personal finance gurus looking to make the most of their finances by getting all of the personal finance and investing information they can find.

Pay less taxes by using these last minute tax tips, tax tricks, and tax secrets to reduce your income, increase your deductions, get more credits, and lower your taxes. Paying the least amount of taxes possible is key personal finance knowledge and some of the best personal finance advice around.

2020 Income Tax Tips Deductions

2020 Tax Numbers

2020 Standard Deduction Amount: $24,800 Married Filing Joint, $12,400 For Single Filers

Maximum Earned Income Credit in 2020: $6,600

Maximum Income to Qualify for EIC in 2020: $50,954 – Joint Filers with More than 2 Children

2020 Single Federal Income Tax Brackets (Returns Filed in 2021)

< $9,875 = 10%

$9,875 – $40,125 = 12%

$40,125 – $85,525 = 22%

$85,525 – $163,300 = 24%

$163,300 – $207,350 = 32%

> $207,350 = 35%

Married Filing Jointly 2020 Income Tax Brackets

< $19,750 = 10%

$19,750 – $80,250 = 12%

$80,250 – $171,050 = 22%

$171,050 – $326,600 = 24%

$326,600 – $414,700 = 32%

> $414,700 = 35%

Tax Forms and Official IRS Documents

tax tricks tips and advice