Every year, tax laws change and 2016 will be no exception! We’ll be rounding up the most significant changes that you should be aware of for the next tax year, but first let’s start with what is not changing. Tax brackets will stay the same for 2016 income with just a slight change in the taxable income levels due to adjustment for inflation. The 7 brackets are at the following percentages: 10%, 15%, 25%, 28%, 33%, 35%, and 39.6% and the following charts show what tax is due at each … [Read more...]
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