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Tax and Financial News Archives | Page 9 of 9 | James O. Taylor, CPA, CGMA

Categories for Tax and Financial News

  • IRS Releases New Projected 2019 Tax Brackets and More

    Posted Date September 8, 2019 Posted Time 12:17 am Published in

    IRS Releases New Projected 2019 Tax Rates, Brackets and More Bloomberg recently released projected tax rates, brackets and other numbers that apply to the 2019 tax year (the IRS will release the official numbers later this year). Note, these are NOT the numbers that apply to the 2018 taxes you file in 2019, but to the income and activity that occurs during the 2019 tax year that starts January 1, 2019. A big part of the IRS’s consideration in formulating 2019 numbers is the inflation index. The Tax Cuts and Jobs Act (TCJA) replaced the normal Consumer Price Index with... View Article

  • The Five Key IRS Rules of Taxation for Lawsuit Settlements

    Posted Date September 1, 2019 Posted Time 12:00 am Published in

    Coming out on the winning side of a lawsuit as a plaintiff can be a gratifying feeling, especially if there is a financial settlement involved. There is likely a sense of both relief and vindication. Unfortunately, far too often people are in for a shock when they realize that they must pay taxes on the award. You can even be taxed on your attorney fees! However, a little tax planning can go a long way, especially if you do it before the settlement is finalized and the award is substantial. Below are the five key rules to know so you... View Article

  • 2017 vs. 2018 Federal Income Tax Brackets

    Posted Date February 8, 2018 Posted Time 12:16 am Published in

    Single Taxpayers 2018 Tax Rates – Standard Deduction $12,000 2017 Tax Rates – Standard Deduction $6,350 10% 0 to $9,525 10% 0 to $9,325 12% $9,525 to $38,700 15% $9,325 to $37,950 22% $38,700 to $82,500 25% $37,950 to $91,900 24% $82,500 to $157,500 28% $91,900 to $191,650 32% $157,500 to $200,000 33% $191,650 to $416,700 35% $200,000 to $500,000 35% $416,700 to $418,400 37% Over $500,000 39.60% Over $418,400   Married Filing Jointly & Surviving Spouses 2018 Tax Rates – Standard Deduction $24,000 2017 Tax Rates – Standard Deduction $12,700 10% 0 to $19,050 10% 0 to $18,650 12%... View Article

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