Year 2020 – Looking Forward to Change

Here are some of the tax changes for 2020. Keep watching this space for updated tax information:

Income Tax Rates for Individuals for Year 2020

Tax Bracket Single Married Filing Jointly Head of Household Married Filing Separately
10% $0-$9,875 $0-$19,750 $0-$14,100 $0-9,875
12% $9,875-$40,125 $19,750-$80,250 $14,100-$53,700 $9,875-$40,125
22% $40,125-$85,525 $80,250-$171,050 $53,700-$85,500 $40,125-$85,525
24% $85,525-$163,300 $171,050-$326,600 $85,500-$163,300 $85,525-$163,300
32% $163,300-$207,350 $326,600-$414,700 $163,300-$207,350 $163,300-$207,350
35% $207,350-$518,400 $414,700-$622,050 $207,350-$518,400 $207,350-$311,025
37% >$518,400 >$622,050 >$518,400 >$311,025

FICA 2020 (6.2%) maximum wage limit increases to $137,700 from $132,900 for 2020, an increase of $4,800 from 2019. There is no Medicare (1.45%) maximum wage limit for 2020. Starting 1/1/2013, a 0.9 percent Additional Medicare Tax applies to all wages that exceed $200,000 ($250,000 for joint return filers and $125,000 for married filing separately filers).

Standard Deduction Amounts for year 2020

  • MFJ & Surviving Spouses – $24,800
  • HH  $18,650
  • Single – $12,400
  • MFS –  $12,400

Business-meeting

Plus Over 65 or Blind Deduction for year 2020

  • Over 65 or blind MFJ may deduct an additional $1,300.
  • Over 65 or blind single, not a surviving spouse taxpayers may deduct an additional $1,650.

Personal Exemption Deduction for year 2020

  • This Personal Exemption Deduction was repealed effective 1/1/18 under the Tax Cuts and Jobs Act.

Long-term Care Premiums deducted as medical care for year 2020

  • Age <41………………….$ 430
  • Age >40 but <51……….$ 810
  • Age >50 but <61……..$1,630
  • Age >60 but <71……..$4,350
  • Age >70………………..$5,430

Standard Mileage Rates for year 2020

  • Business …………….. $.575/mi.
  • Charitable …………… $.14/mi.
  • Medical ………………. $.17/mi.
  • Moving ……………….. $.17/mi.

You can also check some of the other sections of this website for a brief history of past tax changes. Contact us at 301-649-1600 or 703-269-3918 to get all the answers you need.

Contact Info

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Kensington, MD 20895

Phone: 301-649-1600

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Vienna, VA 22182

Virginia Phone: 703-269-3918

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