2021 Quick Tax Reference Guide

Bloomberg Tax & Accounting is pleased to provide you with a digital version of our downloadable 2021 Quick Tax Reference Guide, a practical resource to help you plan and comply in the upcoming year.

From a straightforward tax transaction to the most complex tax issues, you can rely on Bloomberg Tax & Accounting for guidance you can reference, daily – breaking news, in-depth analysis, time-saving practice tools, practitioner insights into emerging trends, and access to a full array of primary source materials.

See how you can access the full power of the Bloomberg Tax & Accounting platform as your tax reference guide on how to mitigate risk and seize opportunities for your company or your clients, contact your local Bloomberg Tax & Accounting representative — call 800.372.1033, or learn more about a Bloomberg Tax & Accounting subscription.

Filing Dates | Standard Mileage Rates


Filing Deadlines for 2020 Tax / Information Returns

Tax reference guide across key 2021 IRS form filing dates

This 2021 tax calendar is a reference guide of the most common forms and due dates for individuals, businesses, and tax-exempt organizations. View specific due dates by month for filing tax forms, paying taxes, and other actions required by federal tax law. Bookmark this website to track key 2021 tax deadlines and avoid penalties as well as late fees.

Standard Mileage Rates

Source: Notice 2020-05; Notice 2021-02; Code Section 217(k)


Corporate Tax Rate Schedule

Source: Code Section 11(b); Form 1120 Instructions

All taxable years beginning on or after Jan. 1, 2018


Individual Tax Rate Schedules

Married Individuals Filing Joint Returns and Surviving Spouses

Source: Code Section 1(j); Rev. Proc. 2020-45

Heads of Households

Source: Code Section 1(j); Rev. Proc. 2020-45

Unmarried Individuals (Other than Surviving Spouses and Heads of Households)

Source: Code Section 1(j); Rev. Proc. 2020-45


Married Individuals Filing Separate Returns

Source: Code Section 1(j); Rev. Proc. 2020-45

Social Security and Self-Employment Tax Limits | Alternative Minimum Tax


Social Security and Self-Employment Tax Limits

Source: SSA Notice, 84 Fed. Reg. 56,515 (Oct. 22, 2019); SSA Notice, 85 Fed. Reg. 67,413 (Oct. 22, 2020)

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Alternative Minimum Tax

Source: Rev. Proc. 2019-44; Rev. Proc. 2020-45

Standard Deductions | Personal Exemption

Standard Deduction

Source: Code Section 63(c); Rev. Proc. 2019-44;
Rev. Proc. 2020-45


Personal Exemption

Source: Code Section 151(d); Rev. Proc. 2019-44;
Rev. Proc. 2020-45


Deduction For Qualified Business Income From Pass-Through Entity

Source: Code Section 199A

Subject to certain limitations, for tax years 2018 through 2025, individuals, estates, and trusts may deduct up to 20% of qualified business income they receive from sole proprietorships and pass-through entities (such as partnerships, limited liability corporations, and S corporations) in which they own an interest. The remaining income (after the 20% deduction) is taxed at the individual’s, estate’s, or trust’s regular income tax rate.

First-Year Expensing Limits | Long-Term Capital Gains and Qualified Dividends

First-Year Expensing Limits

Source: Code Section 179(b); Rev. Proc. 2019-44; Rev. Proc. 2020-45

Long-Term Capital Gains and Qualified Dividends

Source: Code Section 1(h), 1(j)(5); Rev. Proc. 2020-45; Code Section 1(h), 1(j)(5); Rev. Proc. 2019-44

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Income Tax Rates for Estates and Trusts | Estate and Gift Taxes


Estates and Trusts Tax Rate Schedules

Source: Code Section 1 (j); Rev. Proc. 2020-45; Code Section 1 (j); Rev. Proc. 2019-44

Estate and Gift Tax Rates for Decedents Dying and Gifts Made in 2020 and 2021

Source: Code Sections 2001(c), 2502(a)

Applicable Exclusion Amount for Estate and Gift Tax

Source: Code Section 2010(c)(3); Rev. Proc. 2019-44; Rev. Proc. 2020-45

Gift Tax Annual Exclusion

Source: Rev. Proc. 2019-44; Rev. Proc. 2020-45

ERISA and Tax Code Pension and Retirement Plan Limits


ERISA and Tax Code Pension and Retirement Plan Limits

Source: Notice 2019-59; Notice 2020-79


Additional Resources

Best Practices When E-Filing Returns

Avoid future problems by following these best practices for e-filing.

Common Mistakes in Tax Preparation

Avoid errors that can occur when preparing tax returns by learning these common mistakes.

Top Audit Triggers

Avoid these common issues that may trigger an audit by the IRS.

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