After nearly a year and a half after the candidates first declared their intention to run for the Presidency, we have now elected a new President. Trump’s Presidency was a surprise to many, and with Republicans in control of both the House and Senate along with the Presidency, major changes could be possible.
One of those changes could be taxes, where Trump has proposed a tax systemwith three tax brackets of 12%, 25% and 33% and an increase in the standard deduction to $30k for joint filers, while also eliminating exemptions for dependents. We wondered: roughly how would taxes change for any given level of income, filling status, and number of family members? This is a problem spreadsheets are well suited to solve! Continue reading →
Summer and Fall are generally regarded as “Wedding season,” a time when love and celebration are in the air. December, on the other hand, could be regarded as “Should we get legally married for tax reasons before the end of the year” season, a slightly less romantic affair. Continue reading →
The tax code is complex: figuring out just how much we owe Uncle Sam is frequently accompanied with a huge headache. So just how neat would it be if we had an easy way to estimate how much federal taxes we owe?
By the end of this post, you will 1) understand how our federal tax schedule works, and 2) be on your way to creating a tax estimator spreadsheet. Continue reading →