Getting A Jump Start On Taxes and Deductions For 2015

The tax brackets have changed for the 2014 tax season, which is the tax return you will file this year in 2015. The Internal Revenue Service has accounted for inflation with the annual inflation adjustments for a number of tax provisions including cost-of-living adjustments and tax tables.

The tax bracket for Married Filing Jointly and Surviving Spouses
:
Income not over $18,150 = 10% of your taxable income
Income over $18,150 but not over $73,800 = $1815 plus 15% of the excess over $18,150
Income over $73,800 but not over $148,850 = $10,162.50 plus 25% of the excess over $73,800
Income over $148,850 but not over $226,850 = $28,925 plus 28% of the excess over $148,850
Income over $226,850 but not over $405,100 = $109,587.50 plus 33% of the excess over $226,850
Income over $405,100 but not over $457,600 = $109,587.50 plus 35% of the excess over $405,100
Income over $457,600 = $127,962.50 plus 39.6% of the excess over $457,600


Married Filing Separately:

Income not over $9,075 = 10% of your taxable income
Income over $9,075 but not over $36,900 = $907.50 plus 15% of the excess over $9,075
Income over $36,900 but not over $74,425 = $5,081.25 plus 25% of the excess over $36,900
Income over $74,425 but not over $113,425 = $14,462.50 plus 28% of the excess over $74,425
Income over $113,425 but not over $202,550 = $25,382.50 plus 33% of the excess over $113,425
Income over $202,550 but not over $228,800 = $54,793.75 plus 35% of the excess over $202,550
Income over $228,800 = $63,981.25 plus 39.6% of the excess over $228,800

Head Of Household:

Income not over $12,950 = 10% of your taxable income
Income over $12,950 but not over $49,400 = $1,295 plus 15% of the excess over $12,950
Income over $49,400 but not over $127,550 = $6,762.50 plus 25% of the excess over $49,400
Income over $127,550 but not over $206,600 = $26,600 plus 28% of the excess over $127,550
Income over $206,600 but not over $405,100 = $48,434 plus 33% of the excess over $405,100
Income over $405,100 but not over $432,200 = $113,939 plus 35% of the excess over $405,100

Single Taxpayers:
Income not over $9,075 = 10% of your taxable income
Income over $9,075 but not over $36,900 = $907.50 plus 15% of the excess over $9,075
Income over $36,900 but not over $89,350 = $5081.25 plus 25% of the excess over $36,900
Income over $89,350 but not over $186,350 = $18,193.75 plus 28% of the excess over $89,350
Income over $186,350 but not over $405,100 = $45,353.75 plus 33% of the excess over $186,350
Income over $405,100 but not over $406,750 = $117,541.25 plus 35% of the excess over $405,100
Income over $406,750 = $118,118.75 plus 39.6% of the excess over $406,750

Personal exemptions for 2014 tax season are capped at $3,950. These exemptions are phased out start wen your AGI or adjusted gross income is $254,200 for individuals and $305,050 for married couples filing jointly. These exemptions are phased out completely once your income reaches $376,700 for individual taxpayers and $427,550 for married couples filing jointly.

The AMT exemption amount or alternative minimum tax exemptions is set for the 2014 tax season at $52,800 for individuals and $82,100 for married couples filing jointly. This is now permanently adjusted for inflation every year thanks to the American Taxpayer Relief Act of 2012.

The other standard deductions remain unchanged from the 2013 tax season.

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