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IRS provides tax inflation adjustments for tax year 2021

WASHINGTON — The Internal Revenue Service today announced the tax year 2021 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2020-45 provides details about these annual adjustments....

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  • November 12, 2020

Income ranges for determining IRA eligibility change for 2021

WASHINGTON — The Internal Revenue Service announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2021 in Notice 2020-79, posted today on IRS.gov. Highlights of changes for 2021 The income...

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  • November 2, 2020

Mileage Rates

2020 Standard Mileage Rates The IRS today issued the 2020 optional standard mileage rates (PDF) used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2020, the standard...

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  • January 14, 2020