The IRS (Internal Revenue Service) has recently revealed this year's annual inflation adjustments, specific to some of the 2017 provisions. These include tax tables, tax rate schedules, and cost of living adjustments. These will apply to specific tax items. It is important to note that the numbers will apply specifically to the 2017 tax year. This means that they will come in effect on January 1, 2017. This means that you do NOT need these numbers when you do your 2016 tax return in 2017. Rather, you will need these guidelines for IRS tax brackets once you come to do your 2017 taxes, which will be in 2018.

If you don't think there will be any huge changes by then, the updated tax tables should be all you need to give you an estimation of how much tax you will be paying for the 2017 tax year. However, if you think that you will earn more, buy a house, get married, or having a major life changes such as having a baby, then you may want to tweak how much tax you expect to pay slightly, or withhold some more taxes. The most important thing for you in this case is that you are aware of the guidelines for IRS tax brackets, which will give you the greatest amount of guidance in this.

Specific Guidelines for IRS Tax Brackets:

For these guidelines, we will look solely at individuals filing taxes. Remember that married individuals making a joint filing, surviving spouses, heads of households, and married individuals making separate filings have different tax brackets. For individuals, however, the tax brackets are as follows:

  1. 10% of taxable income for those earning less than $9,235 per year
  2. $932.50 and 15% of taxable income for the amount over $9,235 for those earning between $9,326 and $37,950 per year
  3. $5,226.25 and 25% of taxable income for the amount over $37,950 for those earning between $37,951 and $91,900 per year
  4. $18,713.75 and 28% of taxable income for the amount over $91,900 for those earning between $91,901 and $191,650 per year
  5. $46,643.75 and 33% of taxable income for the amount over $191,650 for those earning between $191,651 and $416,700 per year
  6. $120,910.25 and 35% of taxable income for the amount over $416,700 for those earning between $416,701 and $418,400 per year
  7. $121,505.25 and 39.6% of taxable income for the amount over $416,700 for those earning more than $418,401 per year

Remember that these guidelines are in place solely for individuals filing individual taxes. The figures are substantially different for the other tax categories. It is important to have regular contact with an accountant or other type of financial advisor when it comes to doing your taxes. This will ensure that you do not make any mistakes and end up receiving hefty fines or other types of unexpected bills, which is precisely what would happen should you do it wrong.