Thursday, January 11, 2007

New Tax Brackets for All Taxpayers


Income tax rates are unchanged for 2006, compared with 2005. But, as happens every year, the Internal Revenue Service has adjusted income tax brackets for inflation.
Expanding the brackets means that a touch more of your income will be taxed at lower rates than might have occurred last year. That will mean savings for you.
The IRS is required by law to adjust the dollar amounts for a variety of tax provisions each year to keep pace with inflation. The adjustments affect some 36 different areas of tax rules.
The IRS publishes the next year's tax rates each year in the last fall. So 2007 tax brackets, as well as amounts for standard deductions, personal exemptions and other tax areas, are already published. For more information, visit http://www.irs.gov/newsroom/article/0,,id=164182,00.html

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