In 2016, a new federal personal income tax bracket was introduced. Taxable income in excess of $200,000 is subject to a federal income tax rate of 33%.
In connection with this new federal income tax bracket, there is a related change in the calculation of the federal tax credit for charitable donations. Where a taxpayer is subject to the 33% tax rate a corresponding credit of 33% for eligible donations over $200 will be granted.
The new federal income tax bracket and related change to the donation credit continue to be in effect for 2017.
Posted in Tax Tips for 2017 Tax Year
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