What a relief it is as individual taxpayers to get our pesky income tax return filed on April 15 (or sometime thereafter, on extension) and have the IRS leave us alone for another year, right? Well – maybe, depending on your income and income tax withholding on said income.
With this article, we hope to equip the reader with a basic understanding of the individual income tax calculation and the use of a taxpayer’s marginal tax rate or tax bracket in investment and income tax planning.
Normally, we do not make these requests until we are in the throes of tax season but let’s take a proactive look at steps you can take now via our year-end tax to-do list.
Judson Meinhart was interviewed by WXII 12 News about child tax credits.
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