Slowgowing
Dryer sheet wannabe
- Joined
- May 6, 2021
- Messages
- 13
Hi -
I am constructing an Excel spreadsheet in order to estimate/guestimate future federal income taxes based on my estimated income.
As a starting point, I could use tax year 2022 brackets and the standard deduction amounts since they are known, and then adjust them by some amount or proportion for each year in the future. However, it’s not clear to me by what amount to adjust/increase them.
Clearly, this exercise is more guesswork than science because no one knows this information with certainty, but I’d like to implement something that’s seemingly reasonable.
I do understand that the current tax brackets are scheduled to revert in 2026 unless Congress makes a change – which of course, is certainly possible. Perhaps this is a foolhardy endeavor, but that’s never stopped me in the past.
So….I am seeking your guidance or suggestions. What have you done?
Thanks in advance for your thoughts and Happy New Year!
I am constructing an Excel spreadsheet in order to estimate/guestimate future federal income taxes based on my estimated income.
As a starting point, I could use tax year 2022 brackets and the standard deduction amounts since they are known, and then adjust them by some amount or proportion for each year in the future. However, it’s not clear to me by what amount to adjust/increase them.
Clearly, this exercise is more guesswork than science because no one knows this information with certainty, but I’d like to implement something that’s seemingly reasonable.
I do understand that the current tax brackets are scheduled to revert in 2026 unless Congress makes a change – which of course, is certainly possible. Perhaps this is a foolhardy endeavor, but that’s never stopped me in the past.
So….I am seeking your guidance or suggestions. What have you done?
Thanks in advance for your thoughts and Happy New Year!