Personalbil 2020
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News Release
Personal income increased $ billion ( percent) in July according to estimates released today by the Bureau of Economic Analysis (tables 3 and 5). Disposable personal income (DPI) increased $ billion ( percent) and personal consumption expenditures (PCE) increased $ billion ( percent).
Real DPI decreased percent in July and Real PCE increased percent (tables 5 and 7). The PCE price index increased percent. Excluding food and energy, the PCE price index increased percent.
Coronavirus (COVID) Impact on July Personal Income and Outlays
The July estimate for personal income and outlays was impacted by the response to the spread of COVID Federal economic recovery payments continued but were at a lower level than in June, and government “stay-at-home” orders lifted in some areas of the country. The full economic effects of the COVID pandemic cannot be quantified in the personal income and outlays estimate because the impacts are generally embedded in source data and cannot be separately identified. For more information, see see Effects of Selected Federal Pandemic Response Programs on Personal Income.
The increase in personal income in July was more than
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The IRS Announces New Tax Numbers for
Deductions & Exemptions
In addition to the tax rates, the IRS upped many of the deductions and exemptions Americans use to lower their taxable income calculation, and therefore their taxes. Below are some of the most common deductions and exemptions Americans can take.
Standard Deduction for
$24, – Married filing jointly and surviving spouses
$18, – Head of Household
$12, – Unmarried individuals
$12, – Married filing separately
The Standard Deduction is an amount every taxpayer is allowed take as a deduction from their income to reduce their taxable income. The Standard Deduction is used by individuals and families who do not itemize or who have itemized deductions less than or near the Standard Deduction. Under the new tax law, many itemized deductions were eliminated or greatly limited while the Standard Deduction was increased. As a result, the vast majority of people will be filing using the Standard Deduction, even if those who itemized in the past.
The additional standard deduction for the aged or the blind is $1, for or $1, if the taxpayer is also unmarried and not a surviving spouse.
Personal Exemption
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Top 9 Tax Law Changes for Your Taxes
For upplysning on the third coronavirus relief package, please visit our “American Rescue Plan: What Does it Mean for You and a Third Stimulus Check” blog post.
Key Takeaways
- Your standard deduction has increased due to inflation, which varies depending on your filing status.
- You'll find changes to your retirement savings rules and limits, particularly from the SECURE Act and CARES Act.
- You can still deduct your mortgage insurance premiums.
- There are updates to educational tax breaks, including modifications to the Lifetime Learning Credit and American Opportunity Tax Credit.
Whether you en samling dokument eller en elektronisk lagring av data your tax return as soon possible, skate in just before the April deadline, or request an extension, it's never too early to start preparing for filing your taxes in Part of that preparation includes understanding what's changed from last year — and there are plenty of updates and changes taking effect.
To help you out, we put together a list of the most important updates for filing your tax return.
1. The Standard Deduction increased for inflation
Taxpayers who don't specificera deductions can claim the Standard Deduction, an amount pre