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20 Mar 2015

Take Advantage of Tax Adjustments, Deductions and Credits

Millions of taxpayers oftentimes overpay on their taxes every year, simply because they do not take advantage of all the tax adjustments, deductions and credits that they are entitled to. Overlooking some of these tax breaks can be a very costly mistake. Claiming all the adjustments, deductions and credits that you are legally entitled to will ensure that you do not leave money on the table.

There is a distinction between adjustments, deductions, and credits, and we shall proceed to look at these below:

Adjustments

These are subtracted from your total income, to determine your adjusted gross income Read More

Written by Milton Boothe | Posted in Income Tax • Individual • Tax Deductions • Tax Tips

06 Mar 2015

Tax Brackets, Deductions, And Exemptions For 2015

More than 40 tax provisions, including the tax rate schedules, and other tax changes are adjusted for inflation in 2015. Let’s take a look at the ones most likely to affect taxpayers like you.

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.

The standard deduction rises to $6,300 for singles and married persons filing separate returns and $12,600 for married couples filing jointly, up from $6,200 and $12,400, Read More

Written by Dan Gordon | Posted in Tax Deductions

31 Oct 2014

Trick or Treat: The IRS Releases New Administrative Authority Governing 2015 Tax Rate and Deduction Levels

The Internal Revenue Service (hereinafter the “Service”) released today new administrative authority for calendar year 2015 within Revenue Procedure 2014-61 that makes adjustments to more than 40 tax provisions, including the tax rate schedules, deduction levels, and many other tax provisions. It should be duly noted that Revenue Procedure 2014-61, is scheduled to be published in the Internal Revenue Bulletin 2014-47 on Monday, November 17, 2014 and can be cited here.

The primary adjustments included within this new administrative authority include, but are certainly not limited to:

• The tax rate of 39.6% affects singles whose income exceeds $413,200 (i.e., $464,850 for Read More

Written by Peter J. Scalise | Posted in IRS • Tax Deductions