Firmwide Tax Partner-in-Charge Joe Perry spoke about 2016 tax planning and the new tax bracket thresholds, for Newsday's 2015 Tax Day Story.
By Tom Incantalupo
Today’s the deadline for filing tax returns, so there’s not much you can do now about your 2015 refund or underpayment. But experts say it’s not too early to start thinking about 2016 taxes – and to take steps to make sure you pay your fair share and no more.
“What’s happening is that, while rate brackets have gone up…you’re not paying more tax,” said certified public accountant Joseph J. Perry at Marcum LLP in Melville. “Essentially, you’re paying less,” said Perry, who is Marcum’s firmwide partner in charge of tax and business services.
More affluent taxpayers pay rates as high as 39.6 percent of anything over $466,950.
New York State also has adjusted its rates and brackets for the same inflation=related reasons.