For 2016, the Internal Revenue Service has announced the annual tax rate adjustments for over 50 tax provisions. These provisions include individual taxpayers, married taxpayers, different estates and trusts across USA.
The changes are as follows;
• Personal Exemption Tax: An increase of $50 can be seen. The rate rises from $4000 to $4050.
• Married Taxpayers: The deduction of the married taxpayer’s joint filing return stays unchanged from the year 2015 to 2016. The maximum bracket of 39.6% increases the rate to $466,950 in 2016 from $464,850 in 2015.
• Single/ married Taxpayer individually: The amount stays the same from the last year which is $6300.
• Households: The rate increases for the head of the family from $9,250 to $9300. In 2016, this applies to the household that earns the income above $441,000. The rate in 2015 was $439,000.
• Estate Tax: The estate tax amount changes from $5.43 million in the last year 2015 to $5.45 million in 2016.
• The yearly Gifts Exclusion tax figures remain untouched compared to the last year. The amount is $14000.
Need Help with Taxes?
As April is approaching, all taxpayers need to pay extra attention to their taxes. From household tax to income tax, from estate tax to payroll tax, all need to be dealt with soon. If you have trouble understanding taxes and their filing methods, you can turn to Tax Help MD.
Experts at Tax Help MD provide all tax related services and easy solutions. If you are seeking authentic and reliable services, you have come to the right place!