The Internal Revenue Service announced the tax year 2021 annual inflation adjustments, more commonly known as Annual Tax Rates, 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.

 

The tax year 2021 adjustments are generally used on tax returns filed in 2022.

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Check out some of the changes that might affect you.