Tax planning

Income-driven financial planning may help reduce taxes

August 21, 2023

A table shows how federal tax rates go up as annual taxable income increases for all tax filing types: single taxpayers, those married filing jointly, those married filing separately, and those filing as head of household. For 2023, tax rates start at 10% for up to $11,000 in taxable income for single filers and married filing separately, up to $22,000 for married filing jointly, and up to $15,700 for head of household.   Rates start at 12% for between $11,001 and $44,725 in taxable income for single taxpayers and married filing separately; between $22,001 and $89,450 for married filing jointly; and between $15,701 and $59,850 for head of household.  Rates start at 22% for between $44,726 and $95,375 in taxable income for single taxpayers and married filing separately; between $89,451 and $190,750 for married filing jointly; and between $59,851 and $95,350 for head of household.  Rates start at 24% for between $95,376 and $182,100 in taxable income for single taxpayers and married filing separately; between $190,751 and $364,200 for married filing jointly; and between $95,351 and $182,100 for head of household.  Rates start at 32% for between $182,101 and $231,250 in taxable income for single taxpayers and married filing separately; between $364,201 and $462,500 for married filing jointly; and between $182,101 and $231,250 for head of household.  Rates start at 35% for between $231,251 and $578,125 in taxable income for single taxpayers; between $462,501 and $693,750 for married filing jointly; between $231,251 and $346,875 in taxable income for married filing separately; and between $231,251 and $578,100 for head of household.  Tax rates cap at 37% for over $578,125 in taxable income for single filers, over $693,750 for married joint filing, over $346,875 for married filing separately, and over $578,100 for head of household.

Contributors

Ashley Greene, J.D., LL.M

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