TAX CHANGES FOR '93 AND WHAT THEY MEAN

                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: FRIDAY, January 1, 1993                   TAG: 9301010137
SECTION: BUSINESS                    PAGE: A-7   EDITION: HOLIDAY   
SOURCE: Knight-Ridder/Tribune
DATELINE:                                 LENGTH: Medium
TAX CHANGES FOR '93 AND WHAT THEY MEAN
Happy New Year! Just so you don't have too much fun, here's a pleasant little reminder: April 15 - and you know what that means - is only 104 days away.
By now, it's too late to do anything about your 1992 tax situation. But, there are some changes that might affect your pocketbook.

The 15 percent, 28 percent and 31 percent income tax brackets for '92 have been adjusted for inflation. Married couples filing jointly must file a return if their gross income exceeds $10,600, according to the Institute of Certified Financial Planners.
The brackets for a married couple filing jointly in 1992 are: 15 percent if your taxable income is $35,800 or less; 28 percent if your income falls between $35,801 and $86,500; and 31 percent if your income is over $86,500.
If you are single, your income must total no more than $21,450 to qualify for the 15 percent bracket; $21,451 to $51,900 for 28 percent; and above $51,900 for 31 percent.

The maximum capital gains tax on investment income is 28 percent, down from 31 percent last year.

Your personal and dependent exemptions are higher. Each exemption will be worth $2,300 for your 1992 taxes, vs. $2,150 for 1991.

But, a word of caution: These exemptions are slowly whittled away if your adjusted gross income is too high. The phase-out begins at $157,901 for married taxpayers filing jointly, and $105,251 for single taxpayers. For every $2,500 (or fraction) above these thresholds, each exemption is reduced by 2 percent. And exemptions entirely disappear if your income is more than $125,000 above the thresholds, the ICFP says.

by Bhavesh Jinadra by CNB