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What's New

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Tax brackets have changed, but tax rates have not!

Tax rates remain at 10%, 15%, 25%, 28%, 33%, 35%, & 39.6%.

The good news is that you can make a little more money (from $300 to $7,600) and be taxed at the same rate as last year, depending on your filing status. This is good news, and you will not likely see any change on your tax returns because of the tax rates. You will still see Joint filers getting the best preferences, and single filers getting the worst.

Standard deduction and personal expemption amounts have increased slightly. This means that you will pay tax on less of your income than you would have with last year's amounts! The standard deduction increase will only affect filers who don't itemize their deductions, but the increased personal exemption amount will help everyone who has taxable income.

There are some credit, deduction, and adjustment items that are currently set to expire on 12/31/14, and they may or may not be extended. I am awaiting the end of the lame duck session to find out how Congress will act on the extenders that need to be addressed. Hope to have that info before the end of the year! I stay informed on what's new, so you don't have to.

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