TaxTips

Continuously looking for ideas to save your tax dollars


Keeping our Client's abreast of new tax laws and providing them with possible ideas on ways to reduce their tax burden is one of our goals.   We offer this through this continual update of new tax laws and providing some TAX TIPS which may offer savings ideas.  We present these ideas; however, please consider all facts in your case, and talk with your tax representative,  before implementing any of these these ideas.

       10% income tax bracket

WFTRA repeals the scheduled reduction in the 10% tax bracket amounts for 2005 to 2007.   The 10% tax bracket, for 2005 is estimated to apply to the first taxable income as follows:

$7,300 for single taxpayers and married couples filing separately,

$14,600 for joint filers, and

$10,450 for head of households filers.

Also, the threshold amounts are to be adjusted for inflation for the years 2006 through 2010.

Note: Almost all taxpayers gain some benefit from the higher 10% bracket amounts.

 

 Copyright   1987 - 2010 A. Harold Davis, CPA