As the calendar turns to 2017, taxpayers across the United States are preparing for yet another annual tax filing season. This year, the Internal Revenue Service (IRS) has released the updated federal tax tables for Form 1040-EZ – the simplest form of personal income tax filing. Before submitting your returns, it’s important to know how to use the new 2017 federal tax tables to ensure that you receive the right amount of tax refund or owe the least amount of taxes.
The Form 1040-EZ is one of three forms used to file federal income taxes. It is designed for taxpayers who do not itemize deductions and have relatively straightforward income and tax situations. To help simplify the filing process, the IRS has provided a set of federal tax tables that show the taxes owed based on filing status, income, and number of allowances claimed. The new 2017 federal tax tables have incorporated the current tax laws and changes in the tax brackets for this year.
To use the new 2017 federal tax tables, begin by determining your filing status. For most single filers, this will be “Single,” while married couples must choose either “Married Filing Jointly” or “Married Filing Separately.” After that, you'll need to determine your taxable income. This is the total amount of money you earned during the year minus any adjustments you qualify for, such as contributions to a retirement account. Finally, you will need to calculate the number of allowances you are claiming. This is based on the number of dependents you have, whether they are children or adults, and any other deductions you may be eligible for.
Once you have determined your filing status, income, and allowances, you can look up your taxes due in the 2017 federal tax tables. The tables provide the taxes due for each filing status, income level, and allowance claimed. When calculating your taxes, be sure to include any taxes withheld from your paycheck or estimated quarterly payments you have made towards your taxes. The total of these amounts should match what is listed in the federal tax tables.
Keep in mind that the 2017 federal tax tables are just a starting point for calculating your taxes. Depending on your circumstances, you may be eligible for certain deductions or credits that could reduce the amount of taxes you owe. Make sure to consult a tax professional or refer to the IRS website for more information about these deductions and credits.
By taking the time to understand the new 2017 federal tax tables, you can ensure that you receive the right amount of tax refund or owe the least amount of taxes. With the right information and preparation, the filing process can be much easier and stress-free!
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