It is getting close to that time to start filing your 2016 taxes. Yet for the planners out there that try to do some pre-planning, 2017 tax brackets have been released. Below, I show you the IRS tax brackets for 2017 so that you can use them in your tax planning for your 2017 taxes.
2017 tax brackets for singles
Single filers are those who are not married and don’t qualify for preferential treatment as heads of household or qualifying surviving spouses. Their brackets are below
2017 tax brackets for heads of household
The head of household status is available to those who are unmarried and support a child, parent, or other relative who meets certain conditions. Among those conditions are that qualifying persons have to live with you more than half the year, and in many cases, you must be able to claim them as dependents.
2017 tax brackets for married joint filers
Most married couples file joint returns. The brackets below apply to them, as well as to qualifying surviving spouses.
2017 tax brackets for married separate filers
Married couples have the option of filing separately. It’s unusual because most couples pay more tax filing separately, but in some cases, it makes sense. The brackets are below.
Remember, these tax brackets are on taxable income, not your whole income. In other words, your net income amount after your deductions. It is true that this information is yet only a fraction of what is needed to plan your financial future in 2017/2018, especially if you don’t know what your taxable income will be. Yet for those with a steady, predictable income, this information can be valuable to planning your financial future.