2015 income tax rates, income brackets
Rates the same, but income amounts increased for inflation
Thursday, October 30, 2014
This is why people hate taxes.
OK. There's no one "this" when it comes to tax loathing. But here's one big reason: confusing dates.
Right now we're working on ways to reduce our current year's tax bill. To do that, we must make many tax moves by Dec. 31.
But some of those moves will depend on what our tax situations will be like in the coming year.
So we've got to juggle two tax years simultaneously. That's two too many tax years for most folks.
Still, it's a necessary tax evil. And the latest comparison and evaluation of this year's and next year's taxes officially starts today thanks to the Internal Revenue Service's announcement of inflation adjustments to more than 40 tax provisions.
I'm not going to cram all of them into one blog post. I'm going to take advantage of data dump to spread out the 2015 tax information across several posts.
Today's first look at the many 2015 tax figures is the coming tax brackets.
The seven tax rates, starting at 10 percent and topping out at 39.6 percent, are the same. The amount of ordinary income that falls into each of these seven tax brackets, however, is bumped up a bit.
Here's the 2015 tax table:
2015 tax rates and income brackets
Adjusted for Inflation, Oct. 30, 2014
Tax Rate | Single | Head of Household | Married Filing Jointly or Surviving Spouse |
Married Filing Separately |
10% | Up to $9,225 | Up to $13,150 | Up to $18,450 | Up to $9,225 |
15% | $9,226 to $37,450 |
$13,151 to $50,200 |
$18,451 to $74,900 |
$9,226 to $37,450 |
25% | $37,451 to $90,750 |
$50,201 to $129,600 |
$74,901 to $151,200 |
$37,451 to $75,600 |
28% | $90,751 to $189,300 |
$129,601 to $209,850 |
$151,201 to $230,450 |
$75,601 to $115,225 |
33% | $189,301 to $411,500 |
$209,851 to $411,500 |
$230,451 to $411,500 |
$115,226 to $205,750 |
35% | $411,501 to $413,200 |
$411,501 to $439,000 |
$411,501 to $464,850 |
$205,751 to $232,425 |
39.6% | $413,201 or more | $439,001 or more | $464,851 or more | $232,426 or more |
Note, the rates and income amounts above are for the 2015 tax year. That covers the tax returns you'll file on April 15, 2016. That's right, yet another tax year.
But as mentioned earlier, when it comes to tax planning you need to look at what your tax bracket will be next year and how that compares to what it is this year.
2014, too: Speaking of this year, the 2014 tax rates and brackets cover the amounts on which you'll settle up your eventual tax bill when you file your 1040 on April 15, 2015.
I posted the 2014 tax table not too long ago. But because I appreciate all you wonderful readers, I won't make you click away just to give me an extra page view. I've reproduced the 2014 tax table below.
2014 tax rates and income brackets
Adjusted for Inflation, Oct. 31, 2013
Tax Rate | Single | Head of Household | Married Filing Jointly or Surviving Spouse |
Married Filing Separately |
10% | Up to $9,075 | Up to $12,950 | Up to $18,150 | Up to $9,075 |
15% | $9,076 to $36,900 |
$12,951 to $49,400 |
$18,151 to $73,800 |
$9,076 to $36,900 |
25% | $36,901 to $89,350 |
$49,401 to $127,550 |
$73,801 to $148,850 |
$36,901 to $74,425 |
28% | $89,351 to $186,350 |
$127,551 to $206,600 |
$148,851 to $226,850 |
$74,426 to $113,425 |
33% | $186,351 to $405,100 |
$206,601 to $405,100 |
$226,851 to $405,100 |
$113,426 to $202,550 |
35% | $405,101 to $406,750 |
$405,101 to $432,200 |
$405,101 to $457,600 |
$202,551 to $228,800 |
39.6% | $406,751 or more | $432,201 or more | $457,601 or more | $228,801 or more |
Yes, it's a lot of numbers over several tax years. But spending a little time on them now can help you create a tax strategy to pay Uncle Sam less.
And if you're a total tax geek, check out tax rates and the corresponding income brackets from 2010 through 2015 on the ol' blog's special new Tax Rates, Tax Brackets Through the Years page.
You also might find these items of interest:
Comments
You can follow this conversation by subscribing to the comment feed for this post.