Discussio: Tax Brackets and Deductions
Conduct online research for federal income tax brackets for the current year. Which tax bracket do you fit into for your gross household income? How close is your gross household income to the next lowest tax bracket? Create a list of possible deductions for your household. Are you able to reduce your taxable income enough to place you in the next lowest tax bracket? If not, what are some steps you could take to do so (this year or next year)?
Gross Household Income- $14,400 per year
Year- 2018
State of Florida, USA
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.