What's New for 2018


As we’re approaching the first tax season under the Tax Cuts and Jobs Act (TCJA), it’s important to note that your tax picture may look drastically different than in prior years. From the elimination of personal exemptions and miscellaneous itemized deductions to tax bracket and itemized deduction changes, we’ve highlighted some changes below:

Tax Brackets

Single/Married Filing Separately

Taxable Income

Tax Rate

$0 – $9,525

10% of taxable income

$9,526 – $38,700

$952.50 plus 12% of the amount over $9,525

$38,701 – $82,500

$4,453.50 plus 22% of the amount over $38,700

$82,501 – $157,500

$14,089.50 plus 24% of the amount over $82,500

$157,501 – $200,000

$32,089.50 plus 32% of the amount over $157,500

$200,001 – $500,000 (Single)

$45,689.50 plus 35% of the amount over $200,000 (Single)

$200,001 – $300,000 (MFS)

$45,689.50 plus 35% of the amount over $200,000 (MFS)

$500,001 or more (Single)

$150,689.50 plus 37% of the amount over $500,000 (Single)

$300,001 or more (MFS)

$80,689.50 plus 37% of the amount over $300,000 (MFS)

Married Filing Jointly or Qualifying Widow(er)

Taxable Income

Tax Rate

$0 – $19,050

10% of taxable income

$19,051 – $77,400

$1,905 plus 12% of the amount over $19,050

$77,401 – $165,000

$8,907 plus 22% of the amount over $77,400

$165,001 – $315,000

$28,179 plus 24% of the amount over $165,000

$315,001 – $400,000

$64,179 plus 32% of the amount over $315,000

$400,001 – $600,000

$91,379 plus 35% of the amount over $400,000

$600,001 or more

$161,379 plus 37% of the amount over $600,000

Head of Household

Taxable Income

Tax Rate

$0 – $13,600

10% of taxable income

$13,601 – $51,800

$1,360 plus 12% of the amount over $13,600

$51,801 – $82,500

$5,944 plus 22% of the amount over $51,800

$82,501 – $157,500

$12,698 plus 24% of the amount over $82,500

$157,501 – $200,000

$30,698 plus 32% of the amount over $157,500

$200,001 – $500,000

$44,298 plus 35% of the amount over $200,000

$500,001 or more

$149,298 plus 37% of the amount over $500,000


Itemized Deduction

Business

Miscellaneous

DISCLAIMER:  To ensure compliance with IRS requirements, we inform you that any tax advice contained in this communication is not written to be used, and cannot be used, for the purpose of 1. avoiding penalties under the Internal Revenue Code that may be imposed on the taxpayer or 2. promoting, marketing or recommending to another party any transaction or matter addressed herein.