IRS Announces 2016 Tax Rates, Standard Deductions, Exemption Amounts And More
The Internal Revenue Service (IRS) has announced the annual inflation adjustments for a number of provisions for the year 2016, including tax rate schedules, tax tables and cost-of-living adjustments for certain tax items. These are the applicable numbers for the tax year 2016 – in other words, effective January 1, 2016. They are NOT the numbers and tax rates that you’ll use to prepare your 2015 tax returns in 2016 (you’ll find them here). These numbers and tax rates are thos