It’s never too early to begin detailed planning for next year’s taxes -- especially as we head into the final stretch of 2015 and get a better look at what the coming tax season has in store.
While official numbers for 2016 are not yet released by the Internal Revenue Service (IRS), many figures are formulas set within the Internal Revenue Code (IRC) or are based on the Consumer Price Index (CPI) published by the Department of Labor.
Based on recently released CPI indices, the following tax basis figures are noted here strictly for your planning purposes and not for the preparation of your tax 2016 tax filings.
Tax Brackets: While the actual income brackets for tax rates are not yet set for 2016, the rate of inflation that impacts the income levels for each tax rate is anticipated to raise the income brackets by approximately 1.60 -2.00%.
Personal Exemption: $4,100 in 2016 ($4,000 in 2015)
Standard Deductions:
Other Key figures:
CPI - https://www.bls.gov/cpi/cpid1508.pdf ; IRC.gov (various)
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