Tag: IRS News


IRS Getting Tough on Small Business Owners

Sanjiv Gupta CPA - 8 years ago
Internal Revenue Service will not compromise while inspecting on pay-roll taxes, tax- advocates confirmed. Many will suffer consequences on having to deter tax payments,Payroll taxes are federal or central taxes that an employer is entitled to pay or withhold on behalf of his employees. Under its fold, the employing organization has to take the liability of paying social security and Medicare taxes also. There have been a large number of cases where small business entities or small companies have been found deterring central payroll tax payments. The tax lawyers express that following this the IRS has started acting stricter about exercising penalties and fine on accountants, executives, and business individuals for the tax-delays or evasion.Paying business payroll taxes must be considered a priority. The different tactics available at the hands of the IRS to treat these cases are freezing a company’s business accounts, grabbing assets, imposing garnishment on wages of a debtor. Other than tough methods it can assess substantial penalties and impose tax liens on the property of the defaulters.In the opinion of Sanjiv Gupta CPA, the payroll tax debt can be very dangerous so much so that they can completely bring down the company. To support his argument he described the instance of an equipment company that had to bite the dust for not paying the federal payroll taxes. Similar things happened to a medical care center and a group of licensed schools.According to the report of government agency findings every year $54Billion as employment dues goes unchecked. To curb this serious loss to the government exchequer the IRS sees it necessary to amend payroll-tax parameters by approximately 6600 employers for the upcoming tax years. Robert E. Mc Kenzie a tax-layer based at Chicago opposes the IRS actions and expresses that the tactics adopted by the IRS by individualizing tax-payers to penalize for defaulting are particularly harsh and cannot treat the actual cause accountable for the tax-debts.The tax laws allow certain freedom which causes an unnecessary payroll tax debt by laying the sole responsibility of tax evasion on the officers, bookkeepers, business owners, and anyone who prevents the company from clearing employment tax by taking sole control of business accounts and governing the debt payment process.When the IRS charges penalties the payroll tax debt stands double the actual amount. The three grounds that IRS can exercise its right to penalize are in the case of nonpayment of the debt, failure to state/ itemize the debt and finally for late payment. Fines that are charged for payment delay shot up to 25% tax debt.  A person who has previously failed to report tax should not make the mistake of deterring from filing tax in the future. Adverse to this there will be more penalties.The best way to avoid mounting debts with the addition of penalties is by clearing it off before the deadline and also to pay the taxes to the IRS before it imposes a personal liability.

Let Sanjiv Gupta File Your Return Via eFile

Sanjiv Gupta CPA - 8 years ago
What is e-File? During the 1980’s the concept of e-filing was not at all a known term. It was after six years since then that it gradually started getting attention as 25000 returns were e-filed in the USA. To put it in simple terms e-file stands for Electronic Filing or sending of income tax returns through the internet to the IRS or state tax authority. The whole thing can be operated through computers as there is free tax software that contains the complete format of federal e-files. Advantages of e-files: There are several advantages of e-file:When e-filing is done through an electronic process, the tax data and details of tax returns of taxpayers are transferred directly to the IRS computers. This, therefore, reduces manual labor of document scanning. This helps in getting a quicker tax refund. The IRS claimed that e-file is an efficient and fast mechanism and is much less prone to errors compared to traditional tax returns.Another factor that makes e-file a better option is its ability to save taxpayers money and cut on the bulk of paperwork. The IRS commissioner Doug Shulman talks favorably about e-file as he reports that millions of American dollars which are the taxpayers’ money is being saved by e-filing processes. How to pay taxes through e-files? If you choose to pay your taxes through e-file you cannot do it yourself, working in your own manner. There are proper channels that are to be kept in mind. Some has been discussed below:Appointing a registered and licensed tax return preparer.Using software programs like Turbotax or TaxAct. Using the IRS free filing portal. The important information that must be known to all is that while filing tax returns through a tax preparer and software program certain fee-charges are applicable. However, on the other hand, filing with the IRS facility is totally free of cost. Welcome to the CPA firm of Sanjiv Gupta: How we can help?Sanjiv Gupta is a professional financial advisor cum certified public accountant who runs his corporate business in the USA. He and his associates are experts in the field of personal and business tax payment assortments and offer valuable service to their clients through consultation and guidance. The facilities provided by Sanjiv Gupta’s firm are many. The services offered here are not too expensive and the firm’s prime concern is to provide accurate GAAP and tax reporting services. This results in a substantial saving of the client’s money. The company has its own website and every detail of the company have been given in it. Anyone who wants to get professional help regarding tax, business, and financial matters may contact Sanjiv Gupta at his firm address.

IRS Warns of Late Refunds – Check Your Status Now

Sanjiv Gupta CPA - 8 years ago
The Internal Revenue Service has pointed out the fact that refunds have a possibility of getting delayed by about a week. Since this tax season, the new anti-fraud measures will be taken. The bad news is for people who filed tax returns early. The IRS has let tax professionals know that the delay is owing to the putting in place of the technical system that would prevent identity theft cases. This notice has come under heavy criticism.The IRS has included new stringent measures offering additional screening processes to avoid fraud identity cases which have increased in the past years. But, they assure that some of the taxpayers will receive their tax refunds in a timely manner. The delay will particularly affect those who filed returns on any time from the first day of the tax season, i.e. January 17th- January 24th. As the 2012 filing season opened IRS issued a circular for taxpayers using the electronic filing method that said that they would receive their refunds within 10 days. It further pointed out that most of the refunds will be provided within 21 days. Some taxpayers may get their refunds much faster than they thought they would but currently, the taxpayers will expect returns as mentioned in the IRS guidelines.The IRS has also highlighted that the time frames for a refund provided by the “Where’s My Fund” tool on its website will undergo changes. This is so as several factors could lead to alterations of time for refunds. However, IRS apologizes for any inconvenience caused due to this notification. Some taxpayers have reported that the “Where’s My Fund” tool has failed to give proper information and is showing error messages. This technical glitch has been reported to IRS and the answer they gave was that IRS’s fraud screening and detection processes will have an impact on 60 to 70 percent of the returns that have been accepted before 11 am on January 18th as a part of testing on January 10th, 11th, and 12th.Here at Sanjiv Gupta CPA Firm, we do file whenever possible, this is the fastest way to file and get your refund.

IRS Employee Stole Tax Payer Refunds and Filed Fraud Returns

Sanjiv Gupta CPA - 8 years ago
A former Internal Revenue Service employee in the US, Thomas W Richardson of Mansfield, Texas was sentenced to prison for nine years nearly since he was found guilty of identity theft and also of theft of government property. He was also ordered to pay $30,649 for the same. The case had been investigated by the IRS-Criminal Investigation. Trial Attorneys Robert A. Kemins and Jed Silversmith of the Justice Department’s Tax Division, as well as Assistant U.S. Attorney Joe Revesz, prosecuted the case.The US District Judge Jane J. Boyle in Dallas handed down this sentence after being notified that Richardson, the former employee of the IRS had used his expertise on IRS operations to do the wrong act.  However, on being prodded Richardson had admitted to all his crimes. He confessed that from April 15-17, 2006 around the deadline for filing tax returns he presented 29 fraudulent 2005 income tax return sheets.Each of those false sheets claimed a refund of an amount ranging from $215,801 and $473,832. The total of all the tax returns amounts to $7,922,657. He also added that the taxpayers were couples who did a joint filing on tax returns. The Social Security number mentioned on the tax returns was assigned to the names of the husband and wife.  In almost all of the cases, the names on the tax returns matched the name of the individuals to whom these numbers were given. Interestingly these returns were prepared without the knowledge of the taxpayers listed on the tax return sheets.All of the returns directed the IRS to have the payment done from Richardson’s bank accounts. As per the records the IRS made a payment of seven refunds which amounted to $1, 865,401 between May 12, 2006, and May 19, 2006. $30,649 was recovered by the IRS. After this, Judge Boyle had ordered Richardson to report to the Bureau of Prisons on 6th March, 2012.How about your financial information. Is it safe with your CPA or Tax Professional ? Please tells us if you are concerned about your personal information. Being a technical consultant, I will talk about the “security measure” you can ask for when you go visit your tax advisor.

IRS Declare No Reconcile of Reports Required On Credit Card

Sanjiv Gupta CPA - 8 years ago
IRS has pointed it out to a small business advocacy group that it was not a must for organizations to reconcile their tax reports with merchant card transactions on the latest 1099k information reporting form.The circular sent recently clearly brings out the fact that no reports would be required to be shown to the IRS on 2012 business tax forms or for forms in the coming year as well.  In a previous circular, it was mentioned that no tax forms would be required on 2011 income tax returns and now it seems this has been extended as a general rule.The elaboration on the rule was a response to the query raised by Susan Ackerly, senior vice president of public policy of who wanted to know whether forms 1120 and other business forms require a reconciliation of gross receipts and merchant card transactions. The IRS deputy commissioner Steven T. Miller wrote in response to this that the reporting on gross receipts and transactions on the 2012 tax forms will be actually based on 2010 income tax forms. NO other changes concerning the payment card need to be reported.A pair of lawmakers, Rep. Aaron Schock and Bobby Schilling has recently protested against the Housing and Economic Recovery Act of 2008. The Act states that IRS will begin collecting forms of 1099-K from the third party entities which will include credit card companies and for merchant card transactions it will be credit and debit card payments. This form will reveal all credit transactions of a merchant’s business for the year before if they have exceeded $20,000 or 200 transactions for a calendar year.The lawmakers passed legislation against this Act in the Congress to prevent Congress from implementing this new reporting technique as they strongly believe that the IRS is using the 1099-K to exert extra pressure on small businessmen by asking them to show the report with the merchant’s own internal numbers. They also pointed out that when this reconciliation occurs, customers who ask for cask back, returning merchandise bought on credit for cash or gathering deposits on rentals, all will ultimately lead to a huge difference in facts and claims.  This is so since small business is not properly equipped with advanced accounting software, bookkeeping technology, or time to conduct cross-reference or reconcile their internal numbers with the third party generated numbers. This entire process will actually lead to a huge accounting workload for small businesses.However, the IRS has responded to the concerns and claims of the lawmakers and also to those of NFIB. The bill also received huge backing from the US Chamber of Commerce as well. Thus, the NFIB and several other advocated achieved a huge victory last year when the Congress cancelled the extended requirements in 1099-K reporting. President Obama has signed the legislation supporting the concerns of the lawmakers.

Taxes on Airline Frequent Flier Miles ?

Sanjiv Gupta CPA - 8 years ago
Citibank customers were in for a surprise when they got emails saying that they have to pay tax on Airline miles. The bank claimed that those who opened a checking or savings bank accounts with Citibank were subjected to 1099 tax forms as miles is considered to be miscellaneous income. However, those who used credit cards of Citibank were exempted from paying such a tax. This further created confusion among the customers.It was found that few customers were notified to pay several hundred dollars of taxable income for what they thought to be as free perks. Some customers were shocked to receive a tax form of 1099 mentioning they have to pay $645-$750!Some tax experts say that most frequent flyer miles earned by credit card holders are not taxable. Frequent flyer miles, cashback schemes and other in-kind benefits are treated as rebates and are not taxable. According to Citibank, customers are provided free miles as a gift for opening an account with them. This gift is actually treated as income and subject to reporting. Citibank claims that the January and May 2011 promotions had clearly stated that taxes will be imposed on miles. But, their February 2011 promotion is quite vague and the 1099 tax form has not been mentioned.  The surprising part is that none of these disclosures talk about the high per mile price in which 2.5 cents for every mile will be charged leaving the customer in a fix trying to make ends meet.IRS spokeswoman Michelle Elridge agrees with Citibank on this term and explains that frequent flyer miles offered as a premium for opening a financial account can be a taxable situation subject to reporting under current law. However, she added that the value of the free miles awarded for opening an account would be according to how much they would be worth to a customer and not how much the bank paid for them which are obviously less. She continued saying that under the income tax law, the tax imposed on the taxpayer is the value of the property received and not what the business had spent to acquire the property. Other types of reward programs awarded by other companies other than airline free miles may also need to be reported but that depends on the nature, value and other facts and circumstances concerning the particular incentive. So far, the IRS has not issued any official guidance on this matter after the clarifications from IRS media relations folks. It was also reported that Sen. Sherrod Brown, chairman of the Senate Banking Subcommittee on Financial Institutions and Consumer Protection was extremely disappointed with this clause and has asked Citibank not to evoke fear among the middle-class families who are already under financial pressure

Our Troops Owe Roughly $390 Million to IRS

Sanjiv Gupta CPA - 8 years ago
Recent data from IRS shows that about 60,000 active-duty service members and reservists owe close to $390 million in back taxes.  The primary reason behind this is “CONFUSION” as per IRS.   Apparently frequent overseas deployments and address changes by the military personal make it very complicated for them to file a timely tax return.“Military Personal Tax Returns are till bit trick, ” said Sanjiv Gupta, CPA.   He further pointed out a few things that make it harder for military personals to file timely tax returns.What kind of tax breaks do I qualify for?  This is one of the most commonly asked questions among all taxpayers.  But when it comes down troops stationed around the world, even a qualified CPA can get confused.Some time tax documents are mailed to an old address and taxpayers may never get it.Troops stationed around the world may not get an opportunity to timely respond to IRS.Stress from a job can also contribute to the late filing of tax returns.IRS can also seize part of a servicemember’s paycheck until the taxes are paid off.  Then why do we have $390 Million in back taxes from military personals?  Well, just like the rest of the taxpayers, our troops also have some rights.  IRS gives time to all taxpayers to get their act together and file the taxes.However, the delinquency rate among military personals regarding federal taxes is less than the rate among the civilians working for the federal government.   I guess you can’t really compare the rest of the Govt. Employees with troops.  But just so you know, approximately 2% of service members are found to be delinquent, compared with nearly 3% for federal civilian employees.As per data from IRS, military retirees have even hire delinquency rate: Nearly 4% owe $1.5 billion in back taxes, IRS data show.  Do they really make that kind of money? You will be surprised to know how much an active service member makes. Especially when they are stationed outside the county.  Just ask someone in your neighborhood – they might not tell you.  But you can try.At the end of the day – its worth it.  Service members make good money and this is another great reason for young citizens to join our forces.  Yes, you do have to pay taxes on this income but you have lots and lots of tax benefits and break.Have a question about a military tax return or tax benefits? Call our office at 510-825-7563.

Can’t Pay Your Taxes? Get Help From IRS

Sanjiv Gupta CPA - 8 years ago
Those that fall under the ax of taxation will tell you how difficult it is to cope with inflation on one hand and to abide by taxation policies on the other. Nonetheless, there is no exception to paying taxes. But then there is good news – Those that have genuine monetary problems can appeal to the IRS to reduce taxes. Provided the tax filer provides original documents and proofs to support his claim, the IRS can also provide potential tax relief programs.Most of you, I assume, know that evading or missing the payment of taxes is considered a crime. Paying taxes is mandatory for everyone as it the source of government revenue. The government, therefore, has given the responsibility to the internal revenue system or IRS to make sure that everybody files their tax return. While it is a criminal offense not to submit your taxes, the IRS shows a certain amount of leniency for those who are financially distressed and cannot file their taxes.Distressed taxpayer? IRS can helpThe internal revenue service identifies those people who have missed their tax payment owing to severe financial distress as distressed taxpayers. The IRS has devised certain relief measures for these distressed taxpayers. Here is how the IRS can help distressed taxpayers:Flexibility: If a person is unable to pay his taxes on time due to certain financial difficulties then the IRS provides him with a more flexible payment plan. If the IRS identifies you as a distressed taxpayer then they can either provide you with a flexible installment plan for your taxes, reduce the amount you have to pay and in some situations allow the complete nonpayment of the installment.The offer in compromise: The IRS in many situations comes to an agreement with the distressed taxpayer if the taxpayer can show that his expenditure is more or equal to his income. But in some cases, there can be a problem, especially if the taxpayer has equity in real estate. The IRS finds that the real estate measurements to identify if a person is in a state to pay his taxes can at times be unreliable which in turn causes certain problems for the offer in compromiser to be accepted by the IRS. But to solve this problem the IRS is trying to introduce another review of information gathered about the financial condition of the taxpayer so that the IRS can correctly asses if the offer in compromise can be applicable for that individual.Preventing defaults in offer in compromise: In many situations, the IRS face defaults even in the amount agreed to be paid in the offer in compromise terms. In such conditions, the IRS has a special team that will help the individual to find out ways to pay the agreed amount of taxes and not be a defaulter.Delaying collection: If an individual has recently faced a serious financial crisis, the IRS in some cases delays the date for tax payment. They do not need any kind of documentation for implementing such actions and can be taken by the employees to ease out the financial burden on the taxpayer.Speeding up levy realizes: In many cases if the distressed taxpayer requests an emergency quick levy release, the IRS relaxes the requirements from the taxpayer and allows an expedited delivery of the levy release. However, the taxpayer must provide the IRS with a fax number of the bank or the employee handling the levy when asking for an expedited levy release delivery.Here are a few ways the internal revenue service can help distressed taxpayers. While paying taxes is compulsory these measures relieve a lot of the burden from those facing serious financial hardships. Moreover, the additional review of the offer in compromise and the delaying of the collection action give more time to the taxpayer to get help from the IRS and to pay their taxes. IRS’s laudatory efforts to help the distressed taxpayers will surely help them to a great extent.

New Financial Help Coming From Feds

Sanjiv Gupta CPA - 8 years ago
Although Federal Reserve has been thinking about introducing some new stimulus to help deal with the financial pressure it is still debating whether to implement it. The reason for this hesitation stems from the average interest rate being 3.5% on a 30-year-old mortgage. While these rates are still above zero making a lot of officials believe that economic growth is possible by lowering these rates but at the same time these rates are at an all-time low triggering the doubt of how long these rates can sustain without damaging the normal activities of the financial market.It is being concluded by the fed officials that the economy is not developed enough to reduce the increasing levels of unemployment and that extra action is needed to help the economy bounce up. However, the federal officials are divided among themselves on whether these additional actions will prove beneficial or will put more pressure on an already stressed economy.Many are concerned about the effectiveness of the tools of the feds. It is under speculation that if the Fed pulls out assets in circulation, it can lead to major market downsize. Many are also skeptical about the feds reducing the interest rates as there is also a possibility that they go back up creating more pressure on the financial stability of the market. The federal decision-maker Brenanke understands the risk of implementing these tools and therefore would not take any decision unless the majority of the officials agree to it.The feds have already taken a number of actions to stabilize the weak economy. They have reduced the borrowing costs for businesses and customers. As a result the interest rates on short term loans are almost zero and will continue to be so till 2014. They have acquired 3 trillion mortgage-backed securities and treasury securities. The acquiring of these securities has resulted in the lowering of the supply of assets which in turn has resulted into the lowering of the interest rates. It has also pushed the investors to accept a lower rate of return as the scarcity of assets has led to a rise in price. The result of the implementation of these policies coupled with a weak economy has resulted into lower demands for loans and has pushed the borrowing cost to lower levels. The feds have also given a boost to the stock market and controlled the value of exports by regulating the value of the dollar.The benefits of these lower rates have been reaped by both the homeowners who can buy better homes and also the companies that can refinance their budget.

IRS and YouTube Partnership To Educate You

Sanjiv Gupta CPA - 2 years ago
Internal Revenue Service has partnered up with an online video site, YouTube, to deliver its message to the general public.  You can find hundreds of useful tax-related videos on YouTube.   You can estimate the popularity of this combination by looking at the viewership of the IRS channel.  Over 1.7 million views make the IRS YouTube Channel the fifth most viewed online channel out of more than one hundred and twenty-five YouTube Channels.IRS conducts online webcasts on various topics and posts those webcasts as the video’s on YouTube.  You can participate in an online webcast to ask your questions live to an IRS agent or simply view the video’s to enhance your knowledge.  During tax time you find videos about last-minute tax tips or how to arrange a payment schedule with the IRS.   However, you will also find a wealth of knowledge even after tax time.Just last month, IRS conducted a webinar called “Small Business Advantage: Put our knowledge to work for you.”  The webinar was over one hour long and included multiple resources to help small businesses thrive.You can easily find the IRS YouTube channel by simply typing IRS in the search box on YouTube.Sanjiv Gupta CPA advises all his clients to learn from online videos but don’t depend upon that advice entirely.  Often time interpretation of online video can cause quite a bit of confusion and usually end up costing penalties and late payment charges to taxpayers.  ‘You should watch the video to understand the basic concept but always consult with tax professional to understand how you can apply the concept in your business” explains bay area’s popular certified public accountant Sanjiv Gupta.

$27M Whistle-Blower Award Is Taxed as Ordinary Income

Sanjiv Gupta CPA - 8 years ago
Whistle Blower Award is an incentive for private citizens to uncover and report fraud to the government.   Usually one can get 15 to 25 percent of the money the government recovers from such cases.  In a recent case,  former CFO for a Montana hospital reaped a benefit of $27 million dollars by blowing the whistle on his former employers' accounting fraud.  How is that for an award?Reward sounds good but how about paying tax on this reward?   What do you think?  After all, the government collected the tax they wouldn’t have collected otherwise.  And now you have to pay the tax on the tax collection.As far as the IRS is concerned, this is an income and should be taxed as an ordinary income.San Francisco based 9th U.S Circuit Court of appeals cleared that the income received by Alderson should be treated as an ordinary income.  Alderson filed the case arguing that settlement was a result of the sale of a property and therefore it should be treated as Capital Gains instead of ordinary income.“If Alderson had offered simply to sell or exchange the information to the government in return for a sum of money, the government would almost certainly have refused the offer,” the 9th U.S Circuit Court expressed in its opinion, explaining that  Mr. Alderson had gone to considerable effort to establish the merits of the case before the federal government got interested in it.According to Reuters, Alderson failed to convince the appeals court about his theory that this income should be treated as a capital gain because the value of the asset (this case) increased as the case went on.Well, Sanjiv can figure out the tax on $27M dollars but I am sure its lots of money.  Spending a few thousands of dollars to save millions in taxes was surely a wise try.Tell us what you think?

Million Dollar Homes and Tax Audits

Sanjiv Gupta CPA - 7 years ago
Do you own a home for which the mortgage is more than $ 1 Million?If yes then it is a wise idea to check how much mortgage interest you have been deducting from your tax returns over the past few years. All homeowners who owe more than a million dollars on their home loans have come under the scanner of the IRS. The scrutiny has been taken up over confusion on the mortgage interest that customers are eligible to deduct from their tax liability. Taxpayers who owe more than $ 1 million on their homes could range from tens to thousands. For a mortgage of $ 1 Million, the interest could add up to about $50,00o. This amount being substantial has been of great interest and a matter of concern to the IRS department.Tax rules vary for home acquisition debts and home equity debts. Let me describe each of these in detail. Home acquisition loans are availed to acquire, construct or renovate a qualified property. This kind of loan is secured by the home. In the case of Home Equity Debt, it is like any other loan and even here it is secured by the home.Now here comes the catch. While a section of taxpayers argues that it was legal to deduct all interest on a single mortgage of up to $1.1 million, others opposed the claim stating that the limit for mortgages was $1 million, but interest could also be deducted on an additional $100,000 in a home equity loan. In order to end this confusion IRS had set the record straight by stating that loans over and above $1 million could also qualify as home equity obligations.While the confusion over the interest deductible has been solved for the time being these rules could be very confusing to the common man who cannot afford to seek the opinion of a tax advisor. When customers avail of a home loan, it is not the loan alone but there are other surrounding components that get added to the loan. One of the important aspects of a home loan is the refinancing option. While IRS has not specified how such complex cases need to be dealt with, there have been a lot of homeowners who have been pulled up during mini-audits conducted by the IRS. In the past six months alone, IRS has notified a number of people that their mortgage interest write-offs are being scrutinized.As per the existing tax rules, tax deduction on mortgage interest is allowed on the first and second home but not on homes exceeding two in number. While the rules are clear cut and comprehensive in a lot of situations there are certain circumstances where the rules are not clear and exhaustive.Are you still confused about your tax liability even after reading this article? If yes, then it is advisable to get help from a qualified CPA in order to avoid complications at a later date during an IRS audit.

2014 Tax Brackets

Sanjiv Gupta CPA - 7 years ago
Are you ready to plan your 2014 Tax? In that case, you might want to start with the 2014 tax brackets. 2014 Tax Brackets(for taxes due April 15, 2015)Tax rateSingle filersMarried filing jointly or qualifying widow/widowerMarried filing separatelyHead of household10%Up to $9,075Up to $18,150Up to $9,075Up to $12,95015%$9,076 to $36,900$18,151 to $73,800$9,076 to $36,900$12,951 to $49,40025%$36,901 to $89,350$73,801 to $148,850$36,901 to $74,425$49,401 to $127,55028%$89,351 to $186,350$148,851 to $226,850$74,426 to $113,425$127,551 to $206,60033%$186,351 to $405,100$226,851 to $405,100$113,426 to $202,550$206,601 to $405,10035%$405,101 to $406,750$405,101 to $457,600$202,551 to $228,800$405,101 to $432,20039.6%$406,751 or more$457,601 or more$228,801 or more$432,201 or moreYou may also like to compare these numbers with 2013 tax brackets:2013 Tax Brackets (For taxes due April 15, 2014)Tax rateSingle filersMarried filing jointly or qualifying widow/widowerMarried filing separatelyHead of household10%Up to $8,925Up to $17,850Up to $8,925Up to $12,75015%$8,926 – $36,250$17,851 – $72,500$8,926- $36,250$12,751 – $48,60025%$36,251 – $87,850$72,501 – $146,400$36,251 – $73,200$48,601 – $125,45028%$87,851 – $183,250$146,401 – $223,050$73,201 – $111,525$125,451 – $203,15033%$183,251 – $398,350$223,051 – $398,350$111,526 – $199,175$203,151 – $398,35035%$398,351 – $400,000$398,351 – $450,000$199,176 – $225,000$398,351 – $425,00039.6%$400,001 or more$450,001 or more$225,001 or more$425,001 or more And lastly – you may also like to compare these numbers with 2012 tax brackets.2012 Tax Brackets (For taxes due this year)Tax rateSingle filersMarried filing jointly or qualifying widow/widowerMarried filing separatelyHead of household10%Up to $8,700Up to $17,400Up to $8,700Up to $12,40015%$8,701 – $35,350$17,401 – $70,700$8,701- $35,350$12,401 – $47,35025%$35,351 – $85,650$70,701 – $142,700$35,351 – $71,350$47,351 – $122,30028%$85,651 – $178,650$142,701 – $217,450$71,351 – $108,725$122,301 – $198,05033%$178,651 – $388,350$217,451 – $388,350$108,726 – $194,175$198,051 – $388,35035%$388,351 or more$388,351 or more$194,176 or more$388,351 or more 
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