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The standard deduction for 2021 tax year has been considerably increased as follows:
Single or married filing separately - $12,550.
Married filing jointly or qualifying widow(er) - $25,100.
Head of household - $18,800.

No personal exemptions are taken into consideration like it was years ago. You can not deduct any exemptions for you, for your wife and dependents. However, for each eligible dependent you may be able to claim a nonrefundable credit up to $500, unless you are not eligible for the child tax credit.

For tax year 2021, the Child Tax Credit increased from $2,000 per qualifying child to: $3,600 for children ages 5 and under at the end of 2021; and. $3,000 for children ages 6 through 17 at the end of 2021
 
In addition to your standard deduction you may be able to claim 20% deduction on your qualified business income.

A number of changes were introduced for the itemized deductions, claimed on schedule A. The overall itemized deductions will not be limited if your adjusted gross income is over a certain amount.

State and local income, sales, and property taxes is limited to a combined total deduction of $10,000 ($5,000 if married filing separately).

Job-related expenses or other miscellaneous itemized deductions that were subject to the 2% of adjusted-gross-income floor are disallowed since tax year 2018

Tax filers who have no US social security number and are filing with an ITIN (Tax id number) must observe the expiration rule. ITIN not used at least once in the past 3 years must be renewed. If your ITIN wasn’t included on a U.S. federal tax return at least once for tax years 2018, 2019, and 2020, your ITIN will expire on December 31, 2021. ITINs with middle digits (the fourth and fifth positions) 70, 71, 72, 73, 74, 75, 76, 77, 78, 79, 80, 81, 82, 83, 84, 85, 86, 87, or 88 have expired. In addition, ITINs with middle digits 90, 91, 92, 94, 95, 96, 97, 98, or 99, if assigned before 2013, have expired.

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Important notes

 

The filing end date in 2022 is April 18. You have the option of extending the deadline until October 15, but all due taxes must be paid until the 18th of April. If you live outside USA you have an automatic extension until June 15.