The Tax Rates of 2015: What You Need To Know!

According to recent reports, there are some big changes coming to your tax this coming year.

STANDARD DEDUCTIONS

Let’s look at some of the new information that has come up with the standard deductions. According to several statistics, at least 2-3 people in every household just goes with the standard deductions during tax time. This information will be of particular interest to those individuals.

1) Single– If you are single and making $6,200 or less, you will get back a credit of at least $100. 2) Married, but filing separately—If you are making $6,200 or less, you too will get an $100 back in your taxes. 3) Head of the Household–If you are making $9,100 or less, you will get back at least $150 when filing. 4) Married, but filing jointly and those who are widows—If you are a qualifying widow and you make $12,400 or less, you will get back at least $200. Same thing will happen for those who are married and file jointly.

THE EARNED INCOME CREDIT

1) No Children– The earnings have to be less then $14,900 a year. If you are married and filing jointly, your earnings need to be less then $21,000. 2) One child–Earnings must be $39,000 for singles and $44,000 for married and filing jointly. 3) Two children- Earnings must be $44,000 for singles or less and $50,000 or less for those who are married. 4) Three or more kids–Earnings must be less then $47,00o for singles and less then $53,000 for married couples.

What will you get back under these new amendments? 1) No children–$496 2) One child–$3305 3) Two kids–$5460 4) Three or more kids–$6143

#STANDARDDEDUCTIONS #EARNEDINCOMECREDIT

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