Good Afternoon!
I’m sending you this email to let you know that I am starting a periodic newsletter for my clients and other people that have contacted me with accounting or tax questions. Many people are concerned about the effect that the tax changes passed at the end of last year will have on their tax filings this year. I’ll use this email newsletter to send out information that I hope you will find useful.
If you would prefer not to receive these emails, you can either contact me, and I will remove your name from the list, or you can click on one of the links at the bottom of this page.
The most common questions I have received so far this year is about tax brackets and the change to the standard deduction. Here are tables showing the new tax brackets and standard deduction. Keep in mind that while the standard deduction has increased, the personal exemption of $4,050 per person has been eliminated.
Standard Deduction
Filing Status
| Deduction Amount 2018 | Deduction Amount 2017 |
Single
| $12,000 | $6,350 |
Married Filing Jointly
| $24,000 | $9,350 |
| Head of Household | $18,000 | $12,700 |
Tax Brackets
| Rate | Single, Taxable Income Over |
| 10% | $0 |
| 12% | $9,525 |
| 22% | $38,700 |
| 24% | $82,500 |
| 32% | $157,500 |
| 35% | $200,000 |
| 37% | $500,000 |
| Rate | Married Filing Jointly, Taxable Income Over |
| 10% | $0 |
| 12% | $19,050 |
| 22% | $77,400 |
| 24% | $165,000 |
| 32% | $315,000 |
| 35% | $400,000 |
| 37% | $600,000 |
| Rate | Head of Household, Taxable Income Over |
| 10% | $0 |
| 12% | $13,600 |
| 22% | $51,800 |
| 24% | $82,500 |
| 32% | $157,500 |
| 35% | $200,000 |
| 37% | $500,000 |
I hope you find this information helpful. If there are specific questions that you want me to address, please feel free to send me an email.
Regards,
Chuck Zeugner
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