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Tax Update for Individuals

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January 2018

Congress recently passed tax legislation that will impact every American taxpayer in one way or another. There are still many questions as to what really changes for you under the new law - and the fiscal impact to an individual’s bottom-line come tax-time 2019 is still somewhat uncertain. That said, we have put together a list of some of the provisions in the bill that we believe are likely to be of interest to our clients and may affect their personal tax returns beginning in tax year 2018.*

   

Pre-2018 Personal Income Tax Rates based on taxable income

Post-2018 Personal Income Tax Rates based on taxable income

Rate

Single taxpayer

Married taxpayer

Rate

Single taxpayer

Married taxpayer

10%

$0-$9,525

$0-$19,050

10%

$0-$9,525

$0-$19,050

15%

$9,526-$38,700

$19,051-$77,400

12%

$9,526-$38,700

$19,051-$77,400

25%

$38,701-$93,700

$77,401-$156,150

22%

$38,701-$82,500

$77,401-$165,000

28%

$93,701-$195,450

$156,151-$237,950

24%

$82,501-$157,500

$165,001-$315,000

33%

$195,451-$424,950

$237,951-$424,950

32%

$157,501-$200,000

$315,001-$400,000

35%

$424,951-$426,700

$424,951-$480,050

35%

$200,001-$500,000

$400,001-$600,000

39.6%

Over $426,700

Over $480,050

37%

Over $500,000

Over $600,000

   

 

*NOTE: This should not been seen as an exhaustive review of the legislation, which is very extensive, but rather a sampling of some of the provisions we chose to highlight for the education of our clients. You should not rely on this article for personal tax advice as each individual taxpayer’s situation differs.

**The Tax Bill is generally effective January 1, 2018 until December 31, 2025 unless otherwise amended or noted. However, it will not affect the filing of taxes in 2018 for tax year 2017. Rather, its impact will be seen in 2019, with filing of 2018 taxes.