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If you are keeping an eye on next year’s taxes, you should know that the tax brackets for 2020 are available. All of the brackets are the same as 2019 (37%, 35%, 32%, 24%, 22% and 12%), but the thresholds have slightly increased. This means if you are earning the same taxable income in 2019 and 2020, your tax bill in 2020 will actually be slightly lower!

Single
37% for incomes over $518,400
35%, for incomes over $207,350
32% for incomes over $163,300
24% for incomes over $85,525
22% for incomes over $40,125
12% for incomes over $9,875

Married Filing Separately
37% for incomes over $311,025
35%, for incomes over $207,350
32% for incomes over $163,300
24% for incomes over $85,525
22% for incomes over $40,125
12% for incomes over $9,875

Married Filing Jointly
37% for incomes over $622,050
35%, for incomes over $414,700
32% for incomes over $326,600
24% for incomes over $171,050
22% for incomes over $80,250
12% for incomes over $19,750

Head of Household
37% for incomes over $518,400
35%, for incomes over $207,350
32% for incomes over $163,300
24% for incomes over $85,500
22% for incomes over $53,700
12% for incomes over $14,100

Clergy Financial Resources plans estimates for next year’s taxes as part of our 1040 tax review. To download our tax organizer and schedule your 1040 review, visit our website at https://www.clergyfinancial.com/services/clergy-tax-preparation/

 

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Clergy Financial Resources serves as a resource for clients to help analyze the complexity of clergy tax law, church payroll & HR issues. Our professionals are committed to helping clients stay informed about tax news, developments and trends in various specialty areas.

This article is intended to provide readers with guidance in tax matters. The article does not constitute, and should not be treated as professional advice regarding the use of any particular tax technique. Every effort has been made to assure the accuracy of the information. Clergy Financial Resources and the author do not assume responsibility for any individual’s reliance upon the information provided in the article. Readers should independently verify all information before applying it to a particular fact situation, and should independently determine the impact of any particular tax planning technique. If you are seeking legal advice, you are encouraged to consult an attorney.

For more information or if you need additional assistance, please use the contact information below.

Clergy Financial Resources
11214 86th Avenue N.
Maple Grove, MN 55369

Tel: (888) 421-0101 
Fax: (888) 876-5101
Email: clientservices@clergyfinancial.com

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