Well, it is now time. If you were not smart enough to do proper tax planning prior to say, now, then it’s time to pay the piper. You’ve got to pay the Taxman at IRS (and your state).

Like the Super Bowl champions the Denver Broncos, success comes from preparation. For taxpayers, winning is all about tax preparation.

On average, if you are a full-time working New Yorker, making at least $50,000 a year, get ready to give up 37 percent of federal, state and city taxes. That’s 37 cents out of every dollar you earn, baby!

Do not think any accountant or tax preparation chain can save you from this. There are no shortcuts. Except, of course, jail.

2015 Individual Income Tax Rate Schedules
Below are the regular four brackets: Single, Head of Household, Married filing Jointly or Surviving Spouse, or Married Filing Separately. For each you’ll find how much percentage of federal taxes you’ll have to give up.

Single
$ 0 – $ 9,075 = 10%.
$ 9,076 – $ 36,900 = 15%.
$ 36,901 – $ 89,350 = 25%.
$ 89,351 – $ 186,350 = 28%.
$ 186,351 – $ 405,100 = 33%.
$ 405,101 – $ 406,750 = 35%.
Over $ 406,750 = 39.6%

Head of household
$ 0 – $ 12,950 = 10%.
$ 12,951 – $ 49,400 = 15%.
$ 49,401 – $ 127,550 = 25%.
$ 127,551 – $ 206,600 = 28%.
$ 206,601 – $ 405,100 = 33%.
$ 405,101 – $ 432,200 = 35%.
Over $ 432,200 = 39.6%

Married/Filing Jointly
$ 0 – $ 18,150 = 10%.
$ 18,151 – $ 73,800 = 15%.
$ 73,801 – $ 148,850 = 25%.
$ 148,851 – $ 226,850 = 28%
$ 226,851 – $ 405,100 = 33%.
$ 405,101 – $ 457,600 = 35%.
Over $ 457,600 = 39.6%

Married/Filing Separated 
$  0 – $ 9,075 = 10%.
$ 9,076 – $ 36,900 = 15%.
$ 36,901 – $ 74,425 = 25%.
$ 74,426 – $ 113,425 = 28%.
$ 113,426 – $ 202,550 = 33%.
$ 202,551 – $ 228,800 = 35%.
Over $ 228,800 = 39.6%

2015 Corporate Income Tax Rate schedule
$ 0 – $ 50,000 = 15%.
$ 50,001 – $ 75,000 = 25%.
$ 75,001 – $ 100,000 = 34%.
$ 100,001 – $ 335,000 = 39%.
$ 335,001 – $ 10,000,000 = 34%.
$ 10,000,001 – $ 15,000,000 = 35%.
$ 15,000,001 – $ 18,333,333 = 38%.
Over $ 18,333,333 = 35%.

Now, do you really want to pay these rates? There is a solution, but you’ll have to save it for next year.

Start your tax planning for next year’s NOW.

Anthony Rivieccio is the founder & the CEO of The Financial Advisors Group, celebrating their 20th year as a fee only financial planning firm specializing in solving one’s financial problems. Anthony has been a recognized financial expert since 1986. His financial expertise has been recognized by many national and local media outlets including: Klipingers Personal Finance, The New York Post, News12 The Bronx, Bloomberg News Radio, BronxNet Channel 67 TV, The Norwood News, The West Side Manhattan Gazette, Labor Press Magazine, Financial Planning Magazine, 1010WINS Radio, The Bronx News and The Bronx Chronicle. Mr. Rivieccio can be reached at 347.575.5045