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Tag Archive for standard deduction

Tax Changes Are Coming – New Rules On Divorces And Home Buying

With the end of this season we also see the end of tax laws as they have been for decades. Now we have to look ahead and make sure there won’t be any unpleasant surprises and taxpayers will be subject to the new laws.

If you are planning on a divorce this year, you’ll want to review the new rulings. If you’re buying a new home, again, you’ll want to make sure you are clear about whether or not you can write off the interest on your loan. Read more

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