Best Tax Attorneys in Westminster, CO

Tax Attorney Near Me Debunking The Tax Code Myths The U.S. tax code is more than 70,000 pages long and is filled with obscure provisions that can catch many people off guard. Here are some of the most common tax issues for individuals and small businesses, along with suggestions for how to handle them wisely: ⛔ 1. Tax Brackets and Rates The federal government has seven tax brackets: 10%, 15%, 25%, 28%, 33%, 35% and 39.6%. The brackets vary depending on your filing status and income level. For instance, if you earn $50,000 as a single filer or as the head of a household, you're in the 15% bracket. However, if you earn $50,000 as a married couple filing jointly, you're in the 25% bracket. ⛔ 2. Personal Exemptions and Dependent Deductions Personal exemptions and dependent deductions lower your taxable income by thousands of dollars each year. For example, if you have three dependents and earn $70,000 per year, they reduce your taxable income by $15,300 (which is $5,100 times three). If your tax bracket is 25%, those deductions lower your tax bill by nearly $4,000 ($15,300 x .25). Still, struggling with your taxes? Consult with a tax attorney. Work with Timberline Tax Group now!