Category: Tax Planning

A graph showing the seven federal tax brackets and their corresponding tax rates

2023 Tax Bracket Definition: Understanding Tax Brackets, Examples, Pros, and Cons

Tax brackets are a fundamental component of progressive taxation systems. At a basic level, they categorize income into ranges, with each range taxed at a specific rate. As one’s income rises, they move into higher brackets, resulting in a higher tax rate for that portion of income. Understanding tax brackets is key to decoding the complexities of personal finance and ensuring you’re informed about potential tax liabilities.

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