Bloomberg Tax & Accounting has released its free report: 2020 Projected U.S. Tax Rates, ahead of the IRS’s official figures. The report gives tax practitioners and financial professionals an early start on 2020 tax year planning to more effectively develop money-saving strategies for their clients.
The more than 500 figures from over 60 IRC sections contained in this exclusive report were calculated by Bloomberg Tax & Accounting experts using derivatives of the formula provided in IRC §1(f).
The report includes:
- Projected penalty amounts:
- failure to file personal and business tax returns
- failure to pay tax
- failure to file correct information returns
- failure to furnish correct payee statements
- revocation of passports for seriously delinquent tax debts
- Projected retirement planning figures:
- income limits for Roth IRA contribution eligibility
- deduction limits for qualified retirement savings contributions
- Hundreds of other amounts necessary to calculate clients’ taxes:
- tax tables
- standard deduction
- thresholds for application of wage-basis limit in calculating qualified business income deduction
- AMT thresholds
- annual estate tax exemption amount
- annual gift tax exclusion
- education credits
- deduction limits for health and medical savings accounts
Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.