Knowledge and Insights
Tax Changes Effecting Your 2021 Tax Return
There has been much conjecture around what tax law changes will impact US Taxpayer’s in the Biden Administration budget proposal, the Green Book, which was released in May 2021. Check out our articles on the proposed major tax changes to individuals, businesses & estates.
There are, however, real tax impacts for 2021 which were part of The Consolidated Appropriations Act, 2021 which passed at the end of 2020 and The American Rescue Plan that passed in March 2021.
The table below breaks down the most significant changes or extensions as follows:
Click here for a downloadable PDF of the changes.
Along with these provisions other income limits and deductions were indexed for inflation including:
- Tax bracket income ranges were expanded
- Standard deductions increased
- Other income level limits for deductions and credits
- Standard mileage rate
- Estate tax lifetime exclusion
Mercadien’s Individual Services Group can help you through any of the tax changes outlined above. Contact us with any questions or to learn more about how our team can assist you.
DISCLAIMER: This advisory resource is for general information purposes only. It does not constitute business or tax advice and may not be used and relied upon as a substitute for business or tax advice regarding a specific issue or problem. Advice should be obtained from a qualified accountant, tax practitioner or attorney licensed to practice in the jurisdiction where that advice is sought.