BOSTON (CBS) – Review your tax situation now so you have some idea what tax bracket you will fall into this year and decide whether you want to do the long 1040 or the short 1040EZ.
[audio_link url=”http://www.podtrac.com/pts/redirect.mp3/nyc.podcast.play.it/media/d0/d0/d1/d4/d8/dC/d1/148C1_3.MP3″ name=”What’s On Your Tax Return?” artist=”Dee Lee”]
Do your taxes both ways for it is the only way to figure out what is the better deal for you. If your deductions don’t add up to the standard deduction it’s a no-brainer, file the 1040EZ and get the larger deduction.
The standard deduction for couples filing jointly is $12,200 and for singles it is one-half that at $6,100 for this year.
The highest tax rate this year is 39.6% and that comes into play on any income over $450,000 if you are filing jointly and $400,000 for singles. The lowest tax is 10% for the first $8,925 of income for singles and twice…
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