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A Preview of the 2008 Federal Income Tax Brackets
By JLP | September 26, 2007
Here’s a look at the expected Federal Income Tax brackets for 2008. The official brackets from the IRS won’t be available until later this year. I found these numbers in an article in today’s Wall Street Journal, which has the following three individuals listed as the source for their information:
William Massey, RIA tax analyst at Thomson Tax & Accounting
George Jones, CCH
James C. Young, Professor at Northern Illinois University
The brackets:
In addition, the basic standard deduction is supposed to increase to $10,900 (up $200 from 2007) for married filing jointly and for most single filers it will increase to $5,450 (up $100 from 2007). The personal exemption will increase to $3,500, which is a $100 increase over 2007.
A lot of this won’t mean diddly to a lot of filers if congress doesn’t do something with the AMT, which is expected to impact 25 million people in 2008 if something isn’t done. OUCH! Long-time readers know my distaste for the AMT.
For those who are interested, here’s some additional tax posts I have done that you might find helpful:
Tax Stuff You Need to Keep In Your Records
50 of the Most Easily Overlooked Tax Deductions
2007 Federal Income Tax Brackets
401(k) Contribution Limits for 2007
What is Modified Adjusted Gross Income?
Tax Links: Online Tax Resources
How to Calculate Tax-Equivalent Yield
Social Security Wage Base for 2007
Topics: Tax Planning, Taxes |
