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Tax Experts Available now

Tax experts giving personalized service....

 We help you get your taxes done right, save you time, and explain your unique situation. 

 Feel confident that your taxes are done right. 

Pillars of Investing Tax Services

Aloma Avenue, Winter Park, Florida 32792, United States

4076309766

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2021 IRS Tax Adjustments, Rates, and Tables

Individual Taxpayers Rates for 2021

Individual Taxpayers Rates for 2021

Married Filing Joint Taxpayers Rates for 2021

Married Filing Joint Taxpayers Rates for 2021

Head of Household Taxpayers Rates for 2021

Head of Household Taxpayers Rates for 2021

Married Filing Separate Taxpayers Rates for 2021

Married Filing Separate Taxpayers Rates for 2021

Standard Deduction Amounts for 2021 tax year

Standard Deduction Amounts for 2021 tax year

Pillars of Investing Tax Services

Itemized Deductions

2021 Tax Itemized Deductions

  Here are the itemized deductions limits on the Schedule A:

  • Medical  and Dental Expense Deductions– Only expenses exceeding 10% of your AGI.
  • State  and Local Taxes Deductions - combined total  of $10,000 ($5,000 for married filing separately.)
  • Home   Mortgage Interest Deductions - up to $750,000 ($375,000  for married filing separately.)
  • Charitable  Cash Donations Deductions – Limited to 60% of AGI
  • Casualty  and Theft Losses. Limited to losses attributable in  a declared federal disaster area.

Most deductions are available only if you itemized, however here are some deductions that are still available if you take the standard deduction (Above-The-Line Deduction):

  • Student      Loan Interest Deduction - $2,500 (begins phasing out at $70,000-MAGI and not  available to tax payers $85,000+)
  • Educator      Expense Deduction - $250 paid or incurred  for books, supplies and supplementary materials used in the classroom (Kindergarten - High school teachers only).
  • Charitable  Contributions Deduction -   up to $300 for cash contributions ($600 if married filing jointly). 

Tax experts giving personalized service....

 We help you get your taxes done right, save you time, and explain your unique situation.  Feel confident that your taxes are done right. 

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Pillars of Investing Tax Services

Tax Credits and Deductions

2021 Tax Credits and Deductions

  These are some additional tax credits and deductions for 2021 tax year:

  • Child  Tax Credit - $2,000 per qualifying child (up to $1,400 is refundable)
  • Earned  Income Tax Credit (EITC) - 1 qualifying child - $3,618, 2 qualifying children - $5,980 and 3 or  more qualifying children - $6,728. Individuals with no qualifying  children credit is $1,502.
  • Adoption Credit - up to $14,440 
  • Lifetime Learning Credit – up to $2,000 per tax return 
  • Medical Savings Accounts (MSA) - maximum out-of-pocket expense amount is $4,800 (high-deductible health plan - HDHP)

Foreign Earned Income Exclusion. 

The foreign earned income exclusion amount for the 2021 tax year is $108,700.

Section 199A deduction/Pass-through Deduction

Sole proprietors and owners of pass-through businesses are eligible for a deduction of up to 20% to bring the tax rate lower for Qualified Business Income (QBI). This deduction is subject to threshold and phase-in amounts. 

Federal Estate Tax Exemption

An Estate Tax is levied by the government on estates when a person dies, and assets are passed on to heirs. Generally, if the value of the decedent’s estate is less than $11.7 Million in 2021, the estate is NOT subject to estate tax (Estate Tax Exempt). The estate tax exempted amount is adjusted each year for inflation and only affects a small percentage of Americans. 

Gift Tax Exclusion & Gifts to Foreign Spouse

The annual exclusion for federal gift tax purposes for 2021 is $15,000 per person.  The exclusion amount for gifts to a spouse who is not a United States citizen is $159,000.

Revocation or Denial of Passport Due to Significant Tax Debt

Yes, under the Fixing America’s Surface Transportation Act (FAST), the IRA can notify the state department of a taxpayer’s serious tax delinquency – for 2021 $52,000 or more. The state department is then required to deny or revoke the taxpayer’s passport. 

Tax experts giving personalized service....

 We help you get your taxes done right, save you time, and explain your unique situation.  Feel confident that your taxes are done right. 

Talk to a Tax Advisor

Small Business Tax Service

Our tax advisors will help you accurately track your business expenses and capturing every available credit and deduction. 

Simplify your small business taxes

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Small Business Tax Help

Small Business Tax deductions

  Small Business Owners! Here are the six rules to determine if your business can deduct expenses.

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