Tax Rates and Charitable Donations
April 18th, 2017

Effective 2016, a new federal personal income tax bracket and rate were introduced.  Taxable income in excess of $200,000 is subject to a federal income tax rate of 33%.

charitable donations

In connection with this new federal income tax bracket, there is a related change in the calculation of the federal tax credit for charitable donations.  Where a taxpayer is subject to the 33% tax rate a corresponding credit of 33% for eligible donations over $200 will be granted.

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Posted in Tax Tips for 2016 Tax Year

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