April 27th, 2018
In 2016, a new federal personal income tax bracket was introduced. Taxable income in excess of $200,000 is subject to a federal income tax rate of 33%.
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.
The new federal income tax bracket and related change to the donation credit continue to be in effect for 2017.
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