Marginal Rates: For tax year 2021 the marginal tax rates are as follows:
37% for incomes greater than $523,600 ($628,300 for married couples filing jointly);
35%, for incomes over $209,425 ($418,850 for married couples filing jointly);
32% for incomes over $164,925 ($329,850 for married couples filing jointly);
24% for incomes over $86,375 ($172,750 for married couples filing jointly);
22% for incomes over $40,525 ($81,050 for married couples filing jointly);
12% for incomes over $9,950 ($19,900 for married couples filing jointly).
10% for incomes of $9,950 or less ($19,900 or less for married couples filing jointly).
Standard Deduction: For tax year 2021 the standard deduction is as follows:
Single or Married Filing Separate- $12,550 (up $150 from prior year)
Married Filing Jointly-$25,100 (up $300 from prior year)
Head of Household-$18,800 (up $150 from prior year)
Other Items to Note:
Annual Gift Exclusion-remained $15,000
Estates of Decedents- Decedents who die during 2021 have a basic exclusion amount of $11,700,000, up from a total of $11,580,000 for estates of decedents who died in 2020.
Child & Dependent Care Credit-For 2021, the American Rescue Plan Act of 2021, enacted March 11, 2021, made the credit substantially more generous (up to $4,000 for one qualifying person and $8,000 for two or more qualifying persons) and potentially refundable.
Child Tax Credit- For 2021 only, the child tax credit amount is increased from $2,000 for each child age 16 or younger to $3,600 per child for kids who are 5 years old or younger and $3,000 per child for kids 6 to 17 years of age. This also increased the age limit from 16 to 17. Many families have been receiving advance payments of this credit starting in July of 2021.
Foreign Earned Income Exclusion- is $108,700 up from $107,600 for tax year 2020.
A full detailed list of all items can be found in the following IRS publication Revenue Procedure 2020-45- https://www.irs.gov/pub/irs-drop/rp-20-45.pdf