The federal income tax rates for 2015 are the same as last year; 10%, 15%, 25%, 28% 33%, 35% and 39.6%. However, the rate bracket beginning and ending points are increased slightly to account for inflation. For 2015, the maximum 39.6% bracket affects singles with taxable income above $413,200, married joint-filing couples with income above [...]
The net investment income tax, or NIIT, is a 3.8% surtax on investment income collected from higher-income individuals. It first took effect in 2013. After filing your 2014 return, you may have been hit with this extra tax for two years, and you may now be ready to get proactive by taking some steps to [...]
The Federal Deposit Insurance Corporation (FDIC) has provided deposit insurance coverage to depositors of insured banks since 1933. This protection is important to all investors, especially those who tend to be invested heavily in cash and who are dependent on these accounts to cover living expenses. Note: The covered institutions must display an official sign [...]
Since the Supreme Court’s 2013 Windsor decision, same-sex couples who are legally married under state or foreign laws are treated as married for federal tax purposes just like any other married couple. The Supreme Court’s Obergefell decision (issued in late June) now requires all states to license and recognize marriages between same-sex couples can exercise [...]
One-person 401(k) plans can provide a valuable source of retirement savings for successful entrepreneurs. Given the right circumstances, such plans allow large contributions on behalf of a business owner and maintain flexibility for making contributions in future years. For 2015, a business owner can make an elective deferral contribution of up to $18,000 (and an [...]
Identifying Charities Eligible to Receive Tax Deductible Contributions If you’re counting on a federal income tax deduction for donating to a charity, you should confirm that the charity has been approved by the IRS as a tax-exempt organization eligible to receive deductible contributions. For some charities, this is easy-everybody knows the American Red Cross, the [...]