How much owed in taxes

If so, use the following to figure out your taxes on income in Why is that? It all has to do with inflation. The Tax Cuts and Jobs Act passed in December of changed the way the IRS calculates inflation, which will mean smaller annual inflation adjustments down the road.

That increases your chances of getting bumped up into a higher tax bracket every year. One other way that the IRS helps guard against bracket creep is by adjusting the values of deductions to keep up with inflation. Here are the main ones you should look out for:. Your standard deduction —the portion of your income that is protected from taxes—gets adjusted every year to keep up with inflation. The standard deduction amounts for the tax year and their increases from the tax year are:.

Adjustments are a special kind of deduction that lets you reduce your taxable income even before you start applying the standard deduction or itemizing. You can find a summary of all the updated adjustment figures on the IRS website here. Unlike deductions, which reduce your taxable income, tax credits directly reduce your tax amount owed.

Tax credits that the IRS adjusted for inflation this year include:. What is DocuClix? Security About eFile. Where Is My Refund? How to Check Refund Status efile. Mailing Addresses Contact eFile. Sign In Start Now. Tax Brackets Rates. Tax Rate. Join Taxesfaction! More eFiler Reviews. Why Choose eFile. TaxTalk With Tess. Prepare and eFile your Tax Returns on eFile. We estimate you will owe.

IRA contributions. Refine your numbers. Standard Deduction Itemize Deductions. Someone else will claim you as a dependent on their taxes. Tax Credits. Other deductions and deferrals HSA contributions. Other contributions. You are legally blind.

Your spouse is legally blind. Your spouse is 65 or older. Recommended Software. At the higher end in price but also in terms of features and easiness to use. How we got here? Federal income tax brackets. Single Filers.

Taxable Income. Tax Rate. Married Filing Jointly. Married Filing Separately. Head of Household. Standard deduction vs. Filing Status. Single individual. Married filing jointly.