The IRS Just Adjusted Its Tax Income Brackets — Are You Ready?

Image Source: Google By:Savardekar

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[{"selector":"#anim-fe008812-61da-4d4c-a566-c7b554036659 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-0.9257681180921838%, 8.30729243154976%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-30f51119-662b-4ed1-81f0-f21984bff57b","keyframes":{"opacity":[0,1]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3d80ecaf-99b7-4f3d-8e14-926b157fd2ec","keyframes":{"transform":["translate3d(0px, 45.50521%, 0)","translate3d(0px, 0px, 0)"]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e44d396c-0404-47f3-aae3-768cef43db94","keyframes":{"opacity":[0,1]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9490ffd4-f884-4667-b8f3-c93bd9504183","keyframes":{"transform":["translate3d(0px, 230.43985%, 0)","translate3d(0px, 0px, 0)"]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Image Source: Google The reason for these changes is tax consolidation. The IRS is attempting to streamline the tax code.

[{"selector":"#anim-3da014ee-7e07-496b-a080-4426ff6fbc5b [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-1.9098781932044673%, -8.333333333333332%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-47b5a281-1643-4a12-b502-159b99ef3190","keyframes":{"opacity":[0,1]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c5fcb45f-aebf-47c9-bc92-bd6b8fc31967","keyframes":{"transform":["translate3d(0px, 45.50521%, 0)","translate3d(0px, 0px, 0)"]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ae37565a-55b8-4385-8ee9-6d9ff759a2e5","keyframes":{"opacity":[0,1]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e252a4f1-116b-4e17-9bcc-7e25f3bc520e","keyframes":{"transform":["translate3d(0px, 225.23152%, 0)","translate3d(0px, 0px, 0)"]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Image Source: Google What does this mean for you? The new tax brackets should make it easier for you to figure out how much you owe.

[{"selector":"#anim-4bbb448c-4d24-43b7-9463-1cd64f3c993c [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-1.9683745272733268%, 8.203126801761815%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-8d5db0dd-0145-4a81-91f7-ec1c8dadd649","keyframes":{"opacity":[0,1]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1832af1b-41e4-4c39-aefc-f3be84027c5a","keyframes":{"transform":["translate3d(0px, 45.50521%, 0)","translate3d(0px, 0px, 0)"]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-98bf81c2-a353-45a1-8b93-63c2d8aa956c","keyframes":{"opacity":[0,1]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b05552e9-9c47-42a9-b600-a2aeae4a7a23","keyframes":{"transform":["translate3d(0px, 225.23152%, 0)","translate3d(0px, 0px, 0)"]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Image Source: Google It should also make the IRS's processing of tax returns easier and faster, allowing you to pay less in taxes.

[{"selector":"#anim-c5418654-4016-48ed-bc88-72d606180453 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-8.333333333333332%, -8.333333333333332%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-b0e1f189-5ad0-45f1-88bb-924e78422980","keyframes":{"opacity":[0,1]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c7e5cef2-d1ef-4d7d-88f2-cfeff0f98190","keyframes":{"transform":["translate3d(0px, 45.50521%, 0)","translate3d(0px, 0px, 0)"]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e5e8dd1e-0be4-4130-810a-d152280f80a0","keyframes":{"opacity":[0,1]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6138b9db-6018-4f04-823b-5891eb60ab2a","keyframes":{"transform":["translate3d(0px, 300.30857%, 0)","translate3d(0px, 0px, 0)"]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Image Source: Google Let's go over these tax bracket changes in greater detail so you know what to expect next year.

[{"selector":"#anim-73032c4c-704d-4012-8a2c-8b798af6bcb2 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-1.4153182747860653%, -8.333333333333332%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-0187930e-b67d-4217-a199-f2dbe7b35fb3","keyframes":{"opacity":[0,1]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-093bee01-c9b0-4f78-bb24-8a7446b3260e","keyframes":{"transform":["translate3d(0px, 45.50521%, 0)","translate3d(0px, 0px, 0)"]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-2ddd5888-a649-4382-aadd-2dce662dc11e","keyframes":{"opacity":[0,1]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-beb7dc26-d368-4656-89e5-192b39f127ca","keyframes":{"transform":["translate3d(0px, 450.46305%, 0)","translate3d(0px, 0px, 0)"]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Image Source: Google The United States has a graduated or progressive tax system in place.

[{"selector":"#anim-e63e664a-ae15-40a9-90f5-bc1215f28dc4 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-2.097220324023639%, -8.333333333333332%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-f24d890a-ba1f-44ac-9fbd-bd4e2d6351b8","keyframes":{"opacity":[0,1]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-bc2fd11d-e6f2-4bf3-b29b-c14a6ff786dc","keyframes":{"transform":["translate3d(0px, 45.50521%, 0)","translate3d(0px, 0px, 0)"]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-aa0c0967-1e40-4e60-8d5f-ad386dcf9578","keyframes":{"opacity":[0,1]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ddfcc9e3-9207-4960-86d7-7efe3b5ff574","keyframes":{"transform":["translate3d(0px, 450.46305%, 0)","translate3d(0px, 0px, 0)"]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Image Source: Google You are taxed at different rates depending on your annual income.

[{"selector":"#anim-e1f01338-00cb-4581-8360-0c11aacae1c0 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(8.333333333333332%, 8.33333282766991%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-1fa01654-d0a3-4e84-911e-c6926927f795","keyframes":{"opacity":[0,1]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d9d053ea-a7fe-40c6-a0be-0b2c09398e50","keyframes":{"transform":["translate3d(0px, 45.50521%, 0)","translate3d(0px, 0px, 0)"]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-aa1905d3-38ee-48d3-bbb1-1639856c86f1","keyframes":{"opacity":[0,1]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-24efbd52-d099-4398-a3fc-3fa9c66d596b","keyframes":{"transform":["translate3d(0px, 228.35648%, 0)","translate3d(0px, 0px, 0)"]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Image Source: Google The rates are currently 10%, 12%, 22%, 24%, 32%, 35%, and 37%. These are known as brackets or thresholds.

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The IRS Just Adjusted Its Tax Income Brackets — Are You Ready?

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