It took until the new year but we finally have a resolution to the tax headaches created by the fiscal cliff and the results are positive for most taxpayers. Unless you earn more than $400,000 as a single filer or $450,000 as a married filing jointly, your taxes will remain the same for the near future. The Bush era tax cuts were extended for income levels under that threshold and there was a five year extension of the American Opportunity Tax Credit, Child Tax Credit, and Earned Income Tax Credit.
Below, you’ll see what the official 2013 IRS tax brackets will be as well as the “pre-fiscal cliff” predictions. I kept them just for history’s sake, I find that it’s useful to see what could’ve been as well as what actually is because it can help us understand what the future might bring.