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This is a unique time of the year for taxpayers. On the one hand, you re getting ready to file your 2020 tax return (which is due April 15, 2021). But, on the other hand, you re also looking ahead (or should be) and starting to think about how to handle your 2021 finances in a tax-efficient way. In either case, you need to be familiar with the federal income tax rates and tax brackets that apply (or will apply) to you.
The tax
rates themselves didn t change from 2020 to 2021. There are seven tax rates in effect for both the 2021 and 2020 tax years: 10%, 12%, 22%, 24%, 32%, 35% and 37%. However, as they are every year, the 2021 tax