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Archive by Month: October 2020

These are the New Tax Rates, Exemptions and Deductions for 2021

Posted in Hot Topics, News on October 30, 2020

The Internal Revenue Service (IRS) has announced the new federal income tax brackets, exemptions and deduction limits for 2021. The new inflation-based figures take effect for the 2021 tax year, meaning that they will impact U.S. taxpayers’ April 2022 returns. Here, Virginia tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, provides a rundown of some of the most-significant changes. Read More

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