WHAT IS A HOMESTEAD EXEMPTION? Homestead Exemption is a tax reduction allowable to homeowners who make their property their primary residence. If approved, this exemption could reduce the taxable value of your residence by up to $50,000. The first $25,000 of this exemption applies to all taxing authorities. The second $25,000 of exemption excludes School […]
2014 Federal Income Tax Brackets & Capital Gains Tax Rates
Take advantage of federal income tax changes and long-term capital gains tax rates. To keep pace with inflation, the IRS has widened the federal income tax brackets and increased certain exemptions, deductions and credits1 (see table below). For additional information, please visit the IRS website. Tax Rate on Ordinary Income Single Tax Rate on Qualified Dividends and […]
