$1300 to $2600 Additional Standard Deduction for Seniors Over 65 under GOP/Trump Tax Reform

As part of the GOP tax reform bill to support President Trump’s tax reform agenda there has a near doubling of the standard deductions that can be taken in 2018 and beyond. The offsets the elimination of the $4,050 personal exemption in 2018 (until 2025, unless extended by Congress then). The standard deduction from …

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2015 Tax Brackets and Other Federal Taxation Updates

Given the low inflation environment over the last year, the 2015 IRS Tax Brackets, standard deductions and personal exemptions have only seen a moderate increase over 2014 levels. Federal income tax brackets and related tax items, under the tax code, provide for mandatory annual adjustments based on inflation. This is to prevent …

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2014 IRS Tax Brackets and Rates With Standard Deduction and Personal Exemption Updates

Below are the 2014 IRS federal tax brackets based on annual inflation adjustments. Given the low inflation environment there were only moderate increases in tax brackets, standard deductions and to the personal exemption. The main changes for the 2014 tax year were: Marginal tax rates remained the same as last year with …

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2012 Personal Exemption, Standard Deduction, EITC and Foreign Earnings Deduction Change

With the 2011 tax filing deadline past (unless you filed for an extension) it’s a good time to remind yourself about some key 2012 tax changes. You can see the latest 2012 tax tables here which saw a widening of tax brackets and increases in personal exemptions and standard deductions …

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