You should be gearing up now to prepare your federal and state income tax returns for last year. Whether you are tackling the task yourself or hiring a professional to help, you may be wondering how long do you really need to keep tax records and supporting documentation. See the following link for suggestions from William Somers CPA.
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This super handy tax chart details some of the various factors that can impact a taxpayer’s marginal tax rate, including both ordinary income tax brackets and the Alternative Minimum Tax (AMT), the tax treatment of long-term capital gains and qualified dividends, the payroll taxes that apply to earned income for wage employees and the self-employed, the new 0.9% (on earned income) and 3.8% (on net investment income) Medicare surtaxes, and the impact of various phaseouts
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