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2023 – 2024 Tax Bracket
You pay tax as a percentage of your income in layers called tax brackets. As your income goes up, the tax rate on the next layer of income is higher.
When your income jumps to a higher tax bracket, you don’t pay the higher rate on your entire income. You pay the higher rate only on the part that’s in the new tax bracket.
| Tax Rate | on taxable income from . . . | Up to . . . |
|---|---|---|
| 10% | $0 | $11,000 |
| 12% | $11,001 | $44,725 |
| 22% | $44,726 | $95,375 |
| 24% | $95,376 | $182,100 |
| 32% | $182,101 | $231,250 |
| 35% | $231,251 | $578,125 |
| 37% | $578,126 | And up |
Important Tax Forms
Schedule A (Form 1040): Itemized Deductions
Taxpayers with significant eligible expenses that exceed the standard deduction will file a Schedule A. Eligible deductions may include qualified medical expenses, state and local taxes, mortgage interest, sales tax payments, and some charitable contributions. Click here for more
Schedule B (Form 1040): Interest and Ordinary Dividends
Schedule B Tax Form is used to report income from various sources. Examples are receiving over $1,500 of taxable interest or ordinary dividends. Or you have accrued interest from a bond. Click here for more
Schedule C (Form 1040): Profit Or Loss from Business
Schedule C (Form 1040) is used to report all income and losses from a sole proprietorship or single-member LLC business. Click here for more
Schedule D Form 1040: Capital Gains and Losses
There are still a few forms to complete whether you need to report capital assets or other gains. This is one of the last opportunities to report capital assets. Click here for more
Schedule E (Form 1040): Supplemental Income and Loss
Schedule E (Form 1040) is used to report income or loss from rental real estate, royalties, partnerships, S corporations, estates, trusts, and residual interests in real estate mortgage investment conduits (REMICs). Click here for more
Schedule SE (Form 1040): Self-Employment Tax
Use Schedule SE (Form 1040) to figure the tax due on net earnings from self-employment initiatives. Click here for more
Schedule K-1: Partner’s Share of Income, Deductions, Credits, etc.
Schedule K-1 is used by partnerships, S corporations, estates, and trusts to declare the income, deductions, and credits that partners, shareholders, and beneficiaries have received in the tax year. Click here for more
Tax Records Retention
Tax record maintenance times
“WHEN IN Doubt, Do not Toss IT OUT”
Government law requires you to preserve duplicates of your tax returns and supporting documents for three years. Typically called the “three-year law” it leads numerous Individuals to accept they’re secure given they retain their documents for this period of time. Indeed in case, the initial records are given as they were on paper, they can be checked and changed over to a computerized arrangement. Once the records are in an electronic frame, citizens can download them to a reinforcement capacity gadget, such as an outside difficult drive, or burn them onto a CD or DVD (do not disregard to name it).
Make a Reinforcement Set of Records and Store Them Electronically. Keeping a reinforcement set of records — counting, for illustration, bank explanations, tax returns, insurance approaches, etc. — is simpler than ever presently that numerous financial institutions give explanations and archives electronically, and much monetary data is accessible on the Web. You might moreover consider online reinforcement, which is as it were way to guarantee that information is completely ensured. With online backup, records are put away in another locale of the nation, so that on the off chance that a typhoon or other common disaster happens, documents stay secure.
Special Circumstance
- Car Records (keep until the car is sold)
- Credit Card Receipts (keep together with your credit card statement)
- Insurance Arrangements (keep for the life of the policy)
- Mortgages / Deeds / Leases (keep 6 a long time beyond the agreement)
- Pay Stubs (keep until accommodated together with your W-2)
- Property Records/improvement receipts (keep until property sold)
- Sales Receipts (keep for the life of the warranty)
- Stock and Bond Records (keep for 6 a long time past selling)
- Warranties and Informational (keep for the life of the product)
- Other Bills (keep until instalment is confirmed on the following bill)
- Depreciation Plans and Other Capital Resource Records (keep for a long time after the charge life of the asset)
Business Documents To Keep For One Year
- Correspondence with Customers and Vendors
- Duplicate Deposit Slips
- Purchase Orders (other than Purchasing Department copy)
- Receiving Sheets
- Requisitions
- Stenographer’s Notebooks
- Stockroom Withdrawal Forms
Personal Documents To Keep For One Year
- Bank Statements
- Paycheck Stubs (reconcile with W-2)
- Cancelled checks
- Monthly and quarterly mutual fund and retirement contribution statements (reconcile with year-end statement)
Business Documents To Keep For Three Years
- Employee Personnel Records (after termination)
- Employment Applications
- Expired Insurance Policies
- General Correspondence
- Internal Audit Reports
- Internal Reports
- Petty Cash Vouchers
- Physical Inventory Tags
- Savings Bond Registration Records of Employees
- Time Cards For Hourly Employees
Personal Documents To Keep For Three Years
- Credit Card Statements
- Medical Bills (in case of insurance disputes)
Utility Records - Expired Insurance Policies
Business Documents To Keep For Six Years
- Accident Reports, Claims
- Accounts Payable Ledgers and Schedules
- Accounts Receivable Ledgers and Schedules
- Bank Statements and Reconciliations
- Cancelled Checks
- Cancelled Stock and Bond Certificates
- Employment Tax Records
- Expense Analysis and Expense Distribution Schedules
- Expired Contracts, Leases
- Expired Option Records
- Inventories of Products, Materials, Supplies
- Invoices to Customers
- Notes Receivable Ledgers, Schedules
- Payroll Records and Summaries, including payments to pensioners
- Plant Cost Ledgers
- Purchasing Department Copies of Purchase Orders
- Sales Records
- Subsidiary Ledgers
- Time Books
- Travel and Entertainment Records
- Vouchers for Payments to Vendors, Employees, etc.
- Voucher Register, Schedules
Personal Documents To Keep For Six Years
- Supporting Documents For Tax Returns
- Accident Reports and Claims
- Medical Bills (if tax-related)
- Property Records / Improvement Receipts
- Sales Receipts
- Wage Garnishments
- Other Tax-Related Bills
Business Records To Keep Forever
While federal guidelines do not require you to keep tax records “forever,” in many cases, there will be other reasons you’ll want to retain these documents indefinitely.
- Audit Reports from CPAs/Accountants
- Cancelled Checks for Important Payments (especially tax payments)
- Cash Books, Charts of Accounts
- Contracts, Leases Currently in Effect
- Corporate Documents (incorporation, charter, by-laws, etc.)
- Documents substantiating fixed asset additions
- Deeds
- Depreciation Schedules
- Financial Statements (Year End)
- General and Private Ledgers, Year-End Trial Balances
- Insurance Records, Current Accident Reports, Claims, Policies
- Investment Trade Confirmations
- IRS Revenue Agents’ Reports
- Journals
- Legal Records, Correspondence and Other Important Matters
- Minute Books of Directors and Stockholders
- Mortgages, Bills of Sale
- Property Appraisals by Outside Appraisers
- Property Records
- Retirement and Pension Records
- Returns and Worksheets
- Trademark and Patent Registration
Personal Records To Keep Forever
- CPA Audit Reports
- Legal Records
- Important Correspondence
- Income Tax Returns
- Income Tax Payment Checks
- Investment Trade Confirmations
- Retirement and Pension Records