It’s April and 2011 regular tax filing window is closed. I did my taxes in February this year and started looking at various changes for the 2012 tax year. I thought of documenting the ‘must to know’ things for 2012 tax filing here. We will have a discussion around the 2012 tax brackets, tax rates and standard deduction. Fortunately this year there were no increase in taxes as such, perhaps it’s due to presidential election year. The (in)famous ‘Bush era tax cut’ still continues. But, the ultra rich, watch out for next year though. Note: This article covers tax information for 2012 tax year. which will apply to the returns due Monday, April 15, 2013. 2012 Tax Brackets Hope this helps determining your tax bracket for 2012 Tax Bracket Single Married Filing Jointly Head of Household 10% $0 – $8,700 $0 – $17,400 $0 – $12,400 15% $8,700 – $35,350 $17,400 – $70,700 $12,400 – $47,350 25% $35,350 – $85,650 $70,700 – $142,700 $47,350 – $122,300 28% $85,650 – $178,650 $142,700 – $217,450 $122,300 – $198,050 33% $178,650 – $388,350 $217,450 – $388,350 $198,050 – $388,350 35% Over $388,350 Over $388,350 Over $388,350 A guide to help you determine your correct filing status is here.
