Tax Services in Central Point, OR
PERSONAL & BUSINESS TAXES BOOKKEEPING & PAYROLL
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Get rid of your stress, let B & R Tax Service keep your company’s books straight, payroll on-time and your taxes done correctly. Call B & R Tax Service Inc. today!
Federal Tax Changes
- Income tax brackets shifted a bit, mainly due to inflation and currently the top tax bracket is 37%
- The standard deduction increased to $12,550 for single filers and married couples filing separately and $18,800 for single heads of household, who are generally unmarried with one or more dependents. For married couples filing jointly, the standard deduction rises to $25,100.
- The Child Tax Credit ARPA raises the age limit for dependents from 16 to 17. In addition, the child tax credit increases from $2,000 to $3,000 for children age 6 through 17 and up to $3,600 for children under 6. If your income exceeds the above limits but is below $200,000 for single filers or $400,000 for joint filers, you’ll receive the standard child tax credit of $2,000 per child.
If you need more information about the taxes for the upcoming year or have additional tax related questions, please either set up an appointment or go to: https://www.irs.gov/