Updated July 22, 2015
Trust income tax rates Chicago Illinois
Income taxes rates on trusts are high.
Currently, at the Federal level alone, a trust begins paying income tax around $2,300 in income (15%), and goes into the highest tax bracket just over $11,150 (35%). You don’t even pay income taxes on the first $10,000 on most personal income tax returns. From a tax planning perspective, you generally want to get the income out of the trust, prior to the year end.
If you are having problems with Trust income tax rates Chicago Illinois or have issues with your accounting in general, we would love to help. I enjoy hearing from my readers, and can be contacted at
Chris@AccountingSolutionsltd.com
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Chris Amundson is the President of Accounting Solutions Ltd., a full service public accounting firm of Certified Public Accountants and Enrolled Agents handling the bookkeeping, accounting, tax preparation, and audit representation needs of Businesses, Estates, Trusts, and Upper Income Individuals.