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Tax Facts

  2020 2019 2018
Standard Deductions
Joint or Qualifying Widower $24,800 $24,000 $24,000
Single $12,400 $12,200 $12,300
Head of Household $18,650 $18,350 $18,000
Married Filing Separately $12,400 $6,200 $12,000
Taxpayer Claimed as Dependent of another $1,100 $1,100 $1,050
 
Personal / Dependent Exemption - - -
 
Child Tax Credit $2,000 $2,000 $2,000
 
Unearned Income Without Kiddie Tax $2,100 $2,100 $2,100
 
Gift and Estate Tax
Estate and Gift Tax Exclusion $11,580,000 $11,400,000 $11,180,000
Gift Tax Annual Exclusion $15,000 $15,000 $15,000
 
FICA Tax Maximum Earnings $137,700 $132,900 $128,400
 
Auto Standard Mileage Allowances
Business $0.575 $0.58 $0.545
Charity Work $0.14 $0.14 $0.14
Medical / Moving $0.18 $0.20 $0.18
 
Earnings Ceiling for Social Security
Below Full Retirement Age $18,240 $17,640 $17,040
Full Retirement Age Unlimited Unlimited Unlimited
 
Section 179 Deduction
Deduction $1,040,000 $1,020,000 $1,000,000
Maximum Equipment Purchases $2,590,000 $2,550,000 $2,500,000
 
Maximum 401(k) Deferral
Annual Deferral $19,500 $19,000 $18,500
Catch-up Contributions $6,500 $6,000 $6,000
 
Simple Plan Deferral
Annual Deferral $13,500 $13,000 $12,500
Catch-up Contributions $3,000 $3,000 $3,000
 
IRA Contributions
Annual Contribution Limit $6,000 $6,000 $5,500
Catch-up Contributions $1,000 $1,000 $1,000