Tax season has arrived, leaving many Americans feeling flustered and confused over how to file. A necessary tool many taxpayers will need when preparing their tax documents is a list of tax brackets for 2015. Calculate which IRS tax bracket you fall in here, courtesy of TaxAct. As a percentage of income, your tax rate is generally lower than the tax rate listed.
The IRS adjusts more than 40 tax provisions every year for inflation to prevent what has been dubbed as the “bracket creep,” which occurs when people are pushed into higher tax income brackets or have reduced value from credits or deductions due to inflation, instead of any increase in real income, according to the Tax Foundation.
The tax brackets to use while filing your 2015 taxes were announced back in 2014, and a full list of the brackets for this season can be found here. All taxpayers will reportedly see a slight bump in the standard deduction, and the personal exemption amount has also gone up for 2015. Overall, the IRS posted more than 40 updates. It expects to receive roughly 150 million individual income-tax returns this year, which is about the same as 2015.
The filing deadline this year for most taxpayers is April 18, instead of April 15, which is the day it typically falls on. In Maine and Massachusetts, the deadline is April 10, and the IRS recently said that storm victims in Mississippi and Missouri will have until May 16 to file returns and pay any taxes due, according to the Wall Street Journal.
To begin filing your taxes, you’ll need a W-2 form, which lists earnings and withholdings for 2015, and those working as independent contractors or with other sources of income should also get a 1099 form. Workers should have received these forms from their employers by the end of January.