The Federal Tax Brackets increases are highly dependent on the changes to the cost of living, changes to the tax system, and the inflation rate. Although the increase in the tax brackets is going to be very similar to the standard deduction increase, it is a way for the IRS to balance out the tax…Read More Tax Bracket Increase 2020
If you want to know which tax rate you’re responsible for the tax year, you should know about some terms first like taxable income and nontaxable income. Taxable income is the amount of money ( earned or unearned ) that the Federal Government labels as ‘ tax liability creating ‘. Earned and Unearned Income Your…Read More What is My Tax Bracket?
Capital assets are your personal investments and assets including your car, home, RV ( Recreational Vehicle ). Every time you see stock to profit, a capital gain is generated. Shortly, profits and gains are taxable. There are two main types of capital gains; short-term and long- term. Let’s take a closer look at these two:…Read More Capital Gains Tax Brackets 2020
IRS has recently released the tax brackets for 2020. There are seven different tax rate brackets in 2020’s list just like the previous year but the income limits of the taxpayer have been changed. These changes seem to be regular ones that were made as adjustments for the inflation of the year. There’s no relationship…Read More IRS Tax Brackets
It is so important for you to qualify for the right bracket. If you are married, you have two options. You may request to file your taxes jointly or separately. According to IRS, filing jointly benefits the couples the most. In order to make better tax calculations, you must understand the tax system of the…Read More What Tax Bracket am I in?
As most of you know, the marital status of a taxpayer is an important thing that could change the filing way of a taxpayer. Martial Status Qualification of the IRS Having a marriage certificate doesn’t mean that you are a married person in the eyes of the IRS. If you got married on December 31…Read More Married Tax Brackets 2020
In the United States of America Tax System, there are 4 different tax-filing status. These are listed as : Single filers Married filing jointly Married filing separately Head of household Here in our post, we will discuss with you the features of the default single filing status. We will also share the default tax brackets…Read More Single Tax Brackets 2020
If you’re a married person, you can make a difference in your taxes depending on how you file your taxes. You have options to file your taxes jointly with your spouse or separately. There are advantages of filing jointly and separately: Filing Jointly IRS enables married couples to file their taxes jointly and they can…Read More Tax Brackets Single vs Married
The United States has a progressive tax system. This means that the higher the income gets, the more you pay taxes. Tax Brackets are the method of categorizing the taxpayers. There are seven different tax brackets used in the U.S. The taxable amount is the leftover after you have made your deductions. Considering the last…Read More U.S Tax Brackets
The Taxing of this year is almost finished and every taxpayer needs to do a couple of things before the deadline date. Taxpayers must file their documents including their tax details by January 31 and they can receive their forms by in early February 2020. Upon receiving the forms before then, they can file their…Read More 2020 Tax Filing Date