Some people will probably say it’s too early to be thinking about the 2006 tax season. After all, the Internal Revenue Service (IRS) isn’t even required to release their tax figures for 2006 until December. Fortunately, for those professionals whose job it is to think about tax season, the analysts at RIA, part of the Thomson Corporation, have used the recently released Consumer Price Index (CPI) for August and the preceding 11 months to calculate next year’s tax brackets, standard deductions, personal exemptions and other important tax breaks, giving you a jump on tax season.
“Knowing next year’s tax figures now makes it possible to maximize tax breaks this years and next year by giving individuals and businesses more time to evaluate their tax situations and to implement strategies to achieve the highest tax savings,” Bill Massey, a senior tax analyst at RIA said in a prepared statement.
The full listing is available online at http://ria.thomson.com/home/tax_brackets.pdf.