As we begin preparations for tax season coming in April of 2019, we thought we would cover some basics for those who may be new to the world of taxes. Tax Brackets are an important factor when it comes to taxes, and can also be daunting for those who are new to paying taxes.
The Federal Tax Brackets
It all depends on your taxable income, but you will fall into one of seven brackets. These brackets are 10%, 12%, 22%, 24%, 32%, 35%, and 37%. Each bracket will determine the amount of taxes you will have to pay in correlation with your income of that year.
How will you file?
Depending on the way by which you file your taxes can also change the amount you pay within those tax brackets. The options to file are single, head of household, Married filing jointly (or qualifying widow), and Married filing separately.
Difference of Cost
Below is a chart of the brackets and their correlating amounts for this tax season,
For those of you who need assistance with their taxes, Hoods Tax & Accounting will happily help and assist you in filing your taxes! Come meet with us today and get a head start on the upcoming tax season!
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