The word inflation strikes panic and anger into the heart of just about any business owner or consumer. When prices go up, it causes our wallets to go down, it’s simple. However, in 2014, tax brackets are being introduced that MIGHT just make inflation not the worst thing in the world.
Tax Codes allow for a yearly adjustment of certain tax items, based on the inflation of the last year. This year, the savings look like they could be for you rather than Mr. Corporation. The inflation adjustments in the last year mean that many tax savings could be on the horizon, offering relief to many struggling families.
Most years, the federal income tax brackets are the only ones majorly affected, but this year just about every tax code is getting something changed. Following the tax codes you are involved with and the ones which are subject to change can be a headache for you, so this is why we are here to offer some professional assistance.
Getting some tax relief assistance is very important as let’s face it, we don’t all have the time to monitor and dictate our taxes. With personal exemptions coming into play in the near future, many struggling families may have reason to celebrate in the future
As an example, the savings are going to work roughly like so;
A couple who make, between them, $100,000 a year will be paying roughly $145 less in 2014. However, somebody who is applying themselves and makes roughly $50,000 would pay around $72 less than they did in 2013. CCHGroup.com produced an excellent resource showing you the tax reductions in 2013 compared to 2014, and it can be found here for your own reference. However, these numbers are just illustrations at present as the real numbers will not be available until December at the earliest.
Personal exemption amounts have also increased $50 in the last year, which is always a bonus. If you are unsure if you are due for tax exemptions or cannot get to grips with the complex changes every year, then there is professional assistance out there for you.
Finding IRS Tax Relief Attorneys who can give you the assistance and answers that you seek is really important. Without that level of assistance, you may be paying more or less than you should be and this can be a big problem either way. Make sure that you make an appointment with an attorney to fully understand what brackets you fall under and what exemptions you are going to be available for.