Tax Issues Managing Your Tax Burden It’s not easy to keep up with complex tax laws that always seem to be changing, much less figure out how they might affect your finances. Even so, it is important to consider taxes when making financial decisions. You may even be able to postpone or reduce your tax obligation with some careful planning and the guidance of a tax professional. Federal Income Tax Brackets There are seven federal income tax brackets, ranging from 10% to 37%. This table shows the taxable income ranges for single filers and married joint filers for the 2023 tax year. Dollar limitations are adjusted annually for inflation. Single filers Joint filers Tax rate Up to $11,000 Up to $22,000 10% $11,000 to $44,725 $22,000 to $89,450 12% $44,725 to $95,375 $89,450 to $190,750 22% $95,375 to $182,100 $190,750 to $364,200 24% $182,100 to $231,250 $364,200 to $462,500 32% $231,250 to $578,125 $462,500 to $693,750 35% Over $578,125 Over $693,750 37% Taxable income ranges for 2023 Source: Internal Revenue Service, 2023
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