Tax brackets, for individuals and businesses, are not set in stone
Retirement, purchase or sale of a business, education, investments. Every major financial decision you make brings its own tax consequences. Part of planning for your financial future — or your family’s, or that of your business — is working with a CPA to map out your choices advantageously, and to incur the least amount of taxes. Finding the ideal tax brackets for individuals is only the beginning of what a knowledgeable CPA can do for you, your family, and your business.
What are the 2011 tax brackets for individuals?
The 2011 tax brackets for individuals are broken into six different income levels. Before you know what tax bracket you will fall under in the coming tax year, you must determine how you will file: as a single person; as a married couple, filing jointly, or as a surviving spouse; as a head of household; or as a married person filing separately from your spouse.
The 2011 tax brackets for individuals range from 10% to 35%. The table below is taken from information in the IRS Revenue Procedure 2011-12.
Income is often more fluid than it seems on paper. A person’s investments, dependents, business ventures and charitable donations are not always properly reflected by their income taxes. An EisnerLubin CPA can help you file your taxes, as an individual or as a business, to reflect your actual financial situation. You may even find you drop down a tax bracket. Your accountant can advise you this year so that you pay less next year, and in the years that follow.
Contact EisnerLubin for help with individual tax planning and related wealth management services. Your assets do not have to cost you as much as they do right now.