TAX UPDATES

Effective January 1,2021, the standard mileage rates will be .56 cents per mile for business miles driven. The standard mileage rate for charitable miles is .14 cents per mile.

 

Traditional IRA limit under 50 years of age at year end $6,000,  over 50 years old $7,000

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Roth IRA contribution phaseout 2020:                                                     

  • Married filling jointly $196,000-$206,000

  • Single or Head of Household $124,000-$139,000

  • ​Married Filling Separate $0-$10,000

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Standard Deductions 2021:

  • Married Filling Jointly- $25,100

  • Married Filling Separate or Single- $12,550

  • Head of Household- $18,880

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Qualified Business Income Deduction 2020:

  • Married Filling Jointly- $326,600-$426,600

  • Married Filling Separate or Single- $163,300-$213,300