Estimated Income Tax Brackets and Rates In 2017, the income limits for all tax brackets and all filers will be adjusted for inflation and will be as follows (Table 1). The top marginal income tax rate of 39.6 percent will hit taxpayers with taxable income of $418,400 and higher for single filers and $470,700 and […]
If an individual goes without qualifying minimum essential coverage for more than a single period of up to three months in a year, he or she may owe a penalty under the Shared Responsibility payment. These have been in place since 2014 and the penalty increases annually. In 2016 and 2017, it is the higher […]
Key Changes to the Tax Rate: Standard Deduction – Increased slightly to the following Single 6,350 Joint and Surviving Spouse 12,700 Married Separate 6,350 Head of Household 9,350 Gift Tax – Remains the same at $14,000 For the tax year 2017, the 28 percent AMT tax rate applies to taxpayers with taxable incomes above $187,800 ($93,900 […]
Under the Affordable Care Act, also known as Obamacare, individuals who choose not to get health insurance through government exchanges, on their own or via their employers have to pay an additional tax. If you do not have health insurance coverage in 2017, you’ll have to pay the higher of these two amounts: 2.5 percent […]
The filing deadline to submit 2016 tax returns was Tuesday, April 18, 2017, rather than the traditional April 15 date. In 2017, April 15 falls on a Saturday, and this would usually move the filing deadline to the following Monday — April 17. However, Emancipation Day — a legal holiday in the District of Columbia […]
Itemized Deduction for Medical Expenses Changes Beginning January 1, 2017, the rate you can take for your medical expenses is now 10% of your adjusted gross income (prior % was 7.5%). These are all eligible medical expenses that you pay out of pocket for (not covered by your insurance).
Invest to take advantage of lower long-term capital gain tax rates. A top rate of 20% applies to qualified dividends and the sale of most appreciated assets held over one year, whereas Short-term capital gains do not benefit from any special tax rate. They are taxed at your ordinary income tax rate which may be […]
Have you received a call from the IRS? The new scam is for someone to call you and say they are from the IRS and that you owe back taxes. They want you to pay immediately by wire transfer, a prepaid debit card or a credit card or you will go to jail, be deported, […]