With a system that includes seven marginal tax rates, numerous surcharges, and an alternative minimum tax it can be difficult to determine a total tax bill.
Most tax thresholds for income, estate, and gift taxes saw changes for 2015. In addition, the federal estate and gift tax exemption rose to $5.43 million, taking inflation into account. The following tables illustrate the key tax and income thresholds to consider when planning in 2015. 292689
With marginal tax rates rising for higher income levels, the reduction of some tax preference items, and a new Medicare investment income surtax, income tax planning should be a priority. Here are five strategies that clients can use to mitigate tax obligations today. 1. Invest in municipal bonds for tax-free income Municipal bonds become more