Tax Projections Show Lower Payments to IRS for FY 2001

When Americans pay their taxes on April 15, 2002, CCH Incorporated predicts the tax liability will be lower than in previous years.

Due to low inflation, CCH believes the tax results based on income adjustments for single and married taxpayers will be more for 2001 than the previous two tax years. The single taxpayer savings is projected to be $176 less than in tax year 2000, while the married figure is $104 less.

CCH also predicts most will experience a savings through withholding and estimated taxes as soon as the first part of 2001.

Also of note are the standard deduction and personal exemption amounts, both of which probably will increase. CCH notes that:

  • married couples filing jointly will see a projected $200 increase in their standard deduction to $7,550,

  • single taxpayers could see a $150 increase over 2000 in their standard deduction to $4,550, and

  • the personal exemption amount will go up in 2001 by $100 to $2,900.

You may like these other stories...

Ernst & Young 2013 audit deficiency rate 49%, regulators sayMichael Rapoport of the Wall Street Journal reported on Thursday that the Public Company Accounting Oversight Board (PCAOB) found deficiencies in 28 of the...
Some of your clients may get away to business conventions from time to time. It gives them a chance to rub shoulders with colleagues, catch up on the latest developments, and fine-tune their skills. And, when the meetings or...
PwC must face $1 billion lawsuit over MF Global adviceA federal judge on Wednesday ordered PricewaterhouseCoopers (PwC) to face a $1 billion lawsuit claiming that its bad accounting advice was a substantial cause of the...

Already a member? log in here.

Upcoming CPE Webinars

Sep 9
In this session we'll discuss the types of technologies and their uses in a small accounting firm office.
Sep 10
Transfer your knowledge and experience to prepare your team for the challenges and opportunities of an accounting career.
Sep 11
This webcast will include discussions of commonly-applicable Clarified Auditing Standards for audits of non-public, non-governmental entities.
Sep 24
In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards. A dashboard condenses large amounts of data into a compact space, yet enables the end user to easily drill down into details when warranted.