Insights on tax return due dates, form 1040, form 1040ez, tax refunds and more

For the 2017 tax year, the tax brackets remain the same as in 2016, but the threshold values for each bracket change due to inflation. The lowest bracket (10%) applies to incomes up to $9,325 for individual taxpayers and $18,650 for married couples filing jointly. Income thresholds for other individual brackets are $37,950 for the 15% bracket, $91,900 for 25%, $191,650 for 28%, $416,700 for 33%, and $418,400 for 35%. For married couples filing jointly, the other thresholds are $75,900 for 15%, $153,100 for 25%, $233,350 for 28%, $416,700 for 33%, and $470,700 for 35%. Individuals with taxable income above $418,400 or couples with taxable income above $470,700 are taxed… Read More

Filing season for the 2017 tax year will begin on Jan. 29, the Internal Revenue Service announced. The date marks the time the IRS will be accepting both electronic and paper returns. Processing on electronic returns will start Jan. 29; processing on paper returns will start in mid-February. “The IRS strongly encourages people to file their tax returns electronically for faster refunds,” the U.S. tax agency said in a statement. Nearly 155 million individual tax returns are expected to be filed in 2018. The tax deadline will be April 17 this year, two days later than the traditional April 15 cutoff. In 2018, April 15 falls on a Sunday, and… Read More