Paldino Company CPA - Tax and Accounting Sense for Mamaroneck: January 2015

Paldino Company CPA - "Success Starts with a Handshake"

Welcome to my blog page the purpose of which is to provide you with timely and relevant tax and accounting information. I intend to bring you information which you can use now to assist you in lowering you income taxes. I will when appropriate give you links to tax related web-sites, worksheets and check-list to assist you in meeting you recording keeping requirements and provide you with the information you need to prepare an accurate return and pay the least amount of tax you are legally required to pay. Please check back often and feel free to post your questions and comments

Friday, January 16, 2015

Plan Now: 2015 Tax Brackets

Want to prepare for next year's tax bill?

Category:
Planning

Here is a quick look at 2015 tax rates and their associated income levels. Use this information to help prepare for your tax situation this year. Using your 2014 tax information, you can plan for your tax obligation next year starting now.
Don't forget that tax payers in the higher income levels are also subject to an additional .9% Medicare surtax as part of the Affordable Care Act. This will impact those with incomes over:

$200,000 Single filing
$250,000 Married filing joint

2015 INCOME TAX RATES

Action Steps

Review your 2014 Adjusted Gross Income and use the chart above to see what your marginal tax rate is.
Note whether you are close to the next highest tax rate (This is your Marginal Tax Rate).
If you need to withhold additional money to avoid a large tax bill, review and file a new W-4 with your employer.
If possible, take steps now to manage next year's tax obligation.