Know Thy Tax Brackets — and How to Manage Them

To keep a lid on your tax liability, check where you are on the income tax bracket spectrum. If you're on the brink of bumping into a higher bracket, there are several ways to step back from the edge.

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The media is filled with tax-overhaul news as Congress considers materially re-shaping the byzantine tax code for the first time since the 1980s. Chances are it will continue to be excruciatingly complex. Whatever happens, however, it behooves all taxpayers to have a basic understanding of how the federal tax brackets work, and recognize that we have control over our taxes in significant ways.

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Jamie Letcher, CRPC®
Financial Adviser, LPL

Jamie Letcher is a Financial Adviser with LPL Financial, located at Summit Credit Union in Madison, Wis. Summit Credit Union is a $5 billion CU serving 176,000 members. Letcher helps members work toward achieving their financial goals and through a process that begins with a “get-to-know-you” meeting and ends with a collaborative plan, complete with action steps. He is a member of FINRA/SIPC, a registered broker-dealer and investment adviser.