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The IRS released inflation-adjusted marginal rates and brackets for 2023 on Tuesday, and many workers will see higher take-home pay in the new year as less tax is withheld from their paychecks. Additionally, the agency released the standard deduction for next year. It is increasing by $900 to $13,850 for single taxpayers, and by $1,800 for married couples, to $27,700. For heads of household, the 2023 standard deduction will be $20,800. That’s an increase of $1,400. Here are the marginal rates for tax year 2023, depending on your tax status. Single filers – 10%: income of $11,000 or less –...

Federal tax revenues continue to run at a record pace in fiscal 2014, as the federal government’s total receipts for the fiscal year closed April at $1,735,030,000,000, according to the Monthly Treasury Statement. Despite this record revenue, the federal government still ran a deficit of $306.411 billion in the first seven months of the fiscal year, which began on Oct. 1, 2013 and will end on Sept. 30, 2014. …

It's tax time. I'm too scared to do my taxes. I'm sure I'll get something wrong and my enemies in government will persecute -- no, I mean prosecute -- me. So I hired Bob. Bob's my accountant. I like Bob, but I don't like that I have to have an accountant. I don't want to spend time keeping records and talking to Bob about boring things I don't understand, and I really don't want to pay Bob. But I have to. What a waste. Once, I calculated what I could do with the money I give Bob. I could have...

List of IRS Forms that 1040 filers can begin filing in late February or early March 2013January 11, 2013 Late on January 1, 2013, Congress passed HR 8 (Tax Relief Extension Act) which extended almost all of the Federal tax provisions that had expired at the end of 2011 and 2012. The IRS announced on January 9th that they will not accept electronic or paper returns before January 30, 2013, a delay from the original January 22nd beginning date. This is necessary to allow them time to reprogram their systems to comply with the changes included in the Tax Relief...

Two former transportation secretaries who recently co-chaired a panel that proposes gas tax hikes and user fees to pay for government transportation projects joined President Obama Monday as he called for a $50 billion immediate investment in roads, rails and runways. And while the president has not endorsed the proposals by ex-officials Norm Mineta and Samuel Skinner, some industry experts insist gas prices will have to rise to pay for the grand plans. "These reforms and innovations will not be cheap," said AAA President Robert Darbelnet. "All funding options must be on the table -- including an increase in the...

WASHINGTON – A cash crunch is fast approaching for the government trust fund that pays to build and repair highways and bridges. The federal tax on a gallon of gas has not risen in 14 years and Congress is reluctant to increase it. People are demanding more fuel-efficient vehicles – less gasoline used, fewer dollars for the fund. States already are looking for other places for road-building money – toll road and consumption-based sales taxes, for example. They worry that the fund's looming shortage could hurt their efforts to address traffic congestion as well as environmental and safety problems caused...

WASHINGTON - A presidential panel says tax breaks that promote homeownership and encourage businesses to give workers health insurance should be changed to help more middle income families. "Clearly, under present law, the higher income folks benefit the most from those two aspects of the tax code," former Sen. Connie Mack, chairman of the President's Advisory Panel on Federal Tax Reform, said Tuesday. Decisions on specific changes to recommend could be made next week as the nine-member panel wraps up its work, Mack said. The commission plans to issue a final report on Nov. 1. At the White House, presidential...

<p>WASHINGTON - More than 60% of U.S. corporations didn't pay any federal taxes for 1996 through 2000, years when the economy boomed and corporate profits soared, Tuesday's Wall Street Journal reported, citing the investigative arm of Congress.</p> <p>The disclosures from the General Accounting Office are certain to fuel the debate over corporate tax payments in the presidential campaign. Corporate tax receipts have shrunk markedly as a share of overall federal revenue in recent years, and were particularly depressed when the economy soured. By 2003, they had fallen to just 7.4% of overall federal receipts, the lowest rate since 1983, and the second-lowest rate since 1934, federal budget officials say.</p>