TAX NEWS

2020 Exemptions and Deductions

Personal Exemptions –
The personal exemption for each qualifying dependent is $0.

Standard Deductions -
The new standard deductions for those who do not itemize are as follows:

Married Filing Jointly - $24,800
Single - $12,400
Head of Household - $18,650
Married Filing Separately - $12,400

If 65 or over and/or blind add:
Single/
Head of Household - $1,650
Married/
Surviving Spouse - $1,300

Standard Mileage Rates -
The standard mileage rates for 2020 are:

Mileage

1/1-12/31                                      
Business Travel  - $0.575                     
Charitable Work - $0.14                       
Medical/Moving  - $0.17             

If you have any questions about the tax changed for 2020 please call the office. (623) 580-1957.      

2019 Tax Rates

The Income Tax Brackets for each tax rate are:

Single                                Married Jointly                           Head of Household                       Tax Rate
$1-9,875                             $1-19,750                                  $1-14,100                                    10%
$9,876-40,125                      $19,751-80,250                       $14,101-53,700                            12%
$40,126-85,525                      $80,251-171,050               $53,701-85,500                           22%         
$85,526-163,300                   $171,051-326,600                  $85,501-163,300                          24%
$163,301-207,350                 $326,601-414,700                   $163,301-207,350                        32%
$207,351-518,400                 $414,701-622,050                   $207,351-518,400                         35%
Over $518,400                     Over $622,050                        Over $518,400                               37%

www.doubledtax.com
623-580-1957
800-959-8016


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