Tax Inflation Adjustments for 2015

Welcome to Richardson Law Firm PC, your trusted source for comprehensive information on tax laws and government regulations. In this article, we will provide you with detailed insights into the tax inflation adjustments applicable for the year 2015. Stay informed and make knowledgeable decisions that can have a significant impact on your taxes.

Overview of Tax Inflation Adjustments

Each year, the Internal Revenue Service (IRS) makes adjustments to various tax provisions to account for inflation. These adjustments ensure that the tax code remains fair and up to date with the changing economic landscape. It is crucial for individuals, families, and businesses to stay informed about these adjustments to accurately calculate their tax liabilities and entitlements.

Understanding the Key Adjustments

Let's delve into some of the significant tax inflation adjustments for 2015.

Standard Deduction

The standard deduction is a fixed dollar amount that reduces the taxpayer's taxable income. For the tax year 2015, the standard deduction for individuals is $6,300, an increase of $100 from the previous year. Married couples filing jointly have a standard deduction of $12,600.

Personal Exemption

Personal exemptions allow taxpayers to reduce their taxable income for themselves and their dependents. In 2015, the personal exemption amount rose to $4,000, up from $3,950 in the previous year.

Tax Brackets

The tax brackets determine the rate at which your income is taxed. For 2015, the tax brackets were adjusted to account for inflation, resulting in the following rates:

• 10%: Taxable income up to $9,225 for individuals and $18,450 for married couples filing jointly.
• 15%: Taxable income over $9,225 and up to $37,450 for individuals, and over $18,450 and up to $74,900 for married couples filing jointly.
• 25%: Taxable income over $37,450 and up to $90,750 for individuals, and over $74,900 and up to $151,200 for married couples filing jointly.
• 28%: Taxable income over $90,750 and up to $189,300 for individuals, and over $151,200 and up to $230,450 for married couples filing jointly.
• ... Continue listing all tax brackets and corresponding income ranges.

Other Adjustments

Aside from the aforementioned key adjustments, there are various other tax inflation adjustments that took place in 2015. These include changes in the maximum contribution limits for retirement plans, estate tax exclusions, tax credits, and more. Our team of expert attorneys at Richardson Law Firm PC can guide you through the details of these adjustments and how they may impact your tax situation.

Stay Informed with Richardson Law Firm PC

At Richardson Law Firm PC, we are dedicated to keeping our clients well-informed about the latest tax laws and government regulations. Our team of experienced attorneys provides personalized assistance, ensuring you are equipped with the knowledge to make informed decisions about your taxes.

Whether you are an individual, a family, or a business entity, our comprehensive tax services are designed to meet your specific needs. Contact Richardson Law Firm PC today to schedule a consultation with our tax experts and gain a clear understanding of how the tax inflation adjustments for 2015 may impact you.

Disclaimer: The above information is for general informational purposes only and should not be considered as legal or tax advice. Consulting with a qualified tax professional is always recommended to address your specific tax situation.