It’s unknown at this time how many of these proposed tax changes will be made in 2017, even with the Republican majority in the House and the Senate. During his campaign, President-elect Trump promised big changes in income taxes. The following are the proposed changes that we read on his website.
Individual Income Tax Rates and Capital Gain Rates
A big change here. From the current 7 tax brackets to 3 tax brackets. At present, the rates are 10%, 15%, 25%, 28%, 33%, 35%, and a top rate of 39.6%. The new proposed Tax Plan changes this to 12%, 25%, and 33%.
Five Tax Credit Tips for Getting the Tax Relief You Need
The April 15th deadline for filing your taxes doesn’t have to be an aggravating day nor a massive hit on your bank account. Minimize the damage on your wallet by following these five tax credit tips to lower your tax burden with tax credits that you qualify for:
Tip #1 – Know Your Filing Status and Plan Accordingly
The first step to getting a tax credit and reducing your burden on tax payments is to determine your filing status. Filing the right status is no small matter since it determines which tax credits you’re eligible to receive and it can help prevent filing the wrong status, which can cost you in fines.
If you need help determining your filing status, you can take a survey on the IRS website to learn which of the five statuses best applies to you.
Tip #2 – There Are Credits For Students
If you’re taking four years of post-secondary education, you may be eligible View full post…
Posted: March 16, 2013 Under: Income Tax By: Neda Jafarzadeh
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