It’s a good time to get planning for this year’s tax challenges. For tax year 2015, there are annual inflation adjustments for more than 40 tax provisions, including the tax rate schedules, and other tax changes. The tax items for tax year 2015 of greatest interest to most taxpayers include the following dollar amounts. Keep in mind that the AFA (Affordable Care Act) will increase many taxes on capital gains, income, and other areas including reducing tax deductions for high income earners and families.
• Income Tax Rates: The tax rate of 39.6 percent affects singles whose income exceeds $413,200 ($464,850 for married taxpayers filing a joint return), up from $406,750 and $457,600, respectively. The other marginal rates – 10, 15, 25, 28, 33 and 35 percent – and the related income tax thresholds are described in the revenue procedure.