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Individual Tax Planning

Americans have been dealing with a federal income tax system since 1913, when the 16th Amendment was added to our Constitution. Every year since then, new rules, tax rates, and deductions have challenged Americans' ability to pay the lowest possible amount of tax.

What makes it even tougher is that normal life changes also affect your taxes. If in the last year, you got married or divorced, adopted or had a child, paid off a mortgage, opened a home business, or simply got a raise ... the number of exemptions claimed, your filing status, and deductions you are allowed to take will also change.

Tax guide, for planning for the up coming changes to the tax law and how to maximize savings for next year.

Tax Practice Marketing Guide (Word file), which includes sample letters for presenting the 2014-2015 Tax Planning Guide, as well as model business development campaigns.

TAX RATES

Your filing status determines your tax bracket; and the amount of income made during the year determines your tax rate. If you think of the five tax rates: 15%, 28%, 31%, 36%, and 39.6% as layers, you would pay zero on the bottom layer, 15% on the next layer, and so forth. The highest layer (or bracket) that your income reaches is known as your marginal rate.

MILEAGE RATES

Beginning on Jan. 1, 2018, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

  • 54.5 cents for every mile of business travel driven, up 1 cent from the rate for 2017.
  • 18 cents per mile driven for medical or moving purposes, up 1 cent from the rate for 2017.
  • 14 cents per mile driven in service of charitable organizations.
The business mileage rate and the medical and moving expense rates each increased 1 cent per mile from the rates for 2017. The charitable rate is set by statute and remains unchanged.
The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs.

Deductions
Estimated Taxes
Exemptions
Office In the Home
Reducing Social Security Taxes
Education Issues
Depreciation & The 179 Election
Homeowner Issues
Taxes & Divorce
Kiddie Tax Children's Taxes
Tax Records
Alternative Minimum Tax
Employer Taxes Domestic Help
Individual Tax Credits

 

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The materials on our site have been prepared for informational purposes only and should not be acted upon without professional advice

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