The 2017 Tax Cuts & Jobs Act and you!

As we begin the new year, there are many changes afoot which will impact clients in a variety of ways.  The passage of the 2017 Tax Cuts and Jobs Act introduces many changes to personal income taxation beginning with the 2018 tax return filing.  The following contains a few of the highlights which will impact your overall taxation going forward.     2017 Individual Income Tax Rates 2018 Individual Income Tax Rates Married Filing Jointly and Surviving Spouses: Married Filing Jointly and Surviving Spouses: 10% (Taxable income not over $18,650) 10% (Taxable income not over $19,050) 15% (Over $18,650 but not over $75,900) 12% (Over $19,050 but not over $77,400) 25% (Over $75,900 but not over $153,100) 22% (Over $77,400 but not over $165,000) 28% (Over $153,100 but not over $233,350) 24% (Over 165,000 but not over $315,000) 33% (Over $233,350 but not over $416,700) 32% (Over 315,000 but not over $400,000) 35% (Over $416,700 but not over 470,700) 35% (Over $400,000 but not over 600,000) 39.6% (over $470,700) 37% (over $600,000) Single Individuals: Single Individuals: 10% (Taxable income not Read on! →