Given the low inflation environment over the last year, the 2015 IRS Tax Brackets, standard deductions and personal exemptions have only seen a moderate increase over 2014 levels. Federal income tax brackets and related tax items, under the tax code, provide for mandatory annual adjustments based on inflation. This is to prevent the phenomenon known as bracket […]
Read the full article →
Following enactment of the American Tax Relief Act (ATRA) in 2012, the AMT patch legislation that Congress had to pass every year to ensure more people were not snagged by the Alternative Minimum tax (AMT), is now no longer required. Instead the AMT exemption and associated thresholds based on filing status are now tied (or […]
Read the full article →