- BGGE Has a New Look For 2017
- 2017 Tax Season Begins Jan 23rd – Prepare for Some Significant Changes
- The Electronic Filing PIN Is No Longer a Signature Verification Option
- IRS Releases FY 2015 Data Book
- 2016 Tax Season Opens Jan. 19th - BGGE Clients Save
- National Taxpayer Advocate Reviews 2015 Filing Season
- 2015 Tax Season is Here
- Working Behind the Scenes
- Tax Benefits Due to Increase in 2015 Because of Inflation Adjustments
- IRS2Go 4.0 Smartphone App Downloads Surpass 2.3 Million
In October, the Internal Revenue Service announced annual inflation adjustments for more than 40 tax provisions, including the tax rate schedules, and other tax changes. For tax year 2015, Revenue Procedure 2014-61 provides details about these annual adjustments.
Below are some of the tax items for tax year 2015 of greatest interest to my clients:
- 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 ... ...