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Income Tax Brackets

Single Filers
Tax Bracket Taxable Income
10 percent Up to $11,925
12 percent $11,925 to $48,475
22 percent $48,475 to $103,350
24 percent $103,350 to - $197,300
32 percent 197,300 - $250,525
35 percent $250,525 - $626,350
37 percent Over $626,350 or more
Married, Filing Jointly
Tax Bracket Taxable Income
10 percent Up to $23,850
12 percent $23,850 to $96,950
22 percent $96,950 to $206,700
24 percent $206,700 to $394,600
32 percent $394,600 to $501,050
35 percent $501,050 to $751,600
37 percent $751,600 or more
Heads of Households
Tax Bracket Taxable Income
10 percent Up to $17,000
12 percent $17,000 to $64,850
22 percent $64,850 to $103,350
24 percent $ $103,350 to - $197,300
32 percent $197,300 - $250,500
35 percent $250,500 - $626,350
37 percent Over $626,350 or more

Child Tax Credit

Many taxpayers may receive a tax credit of up to $2,000 for each child that they claim as dependents on their tax returns if under 18 years old. Other dependents equal $500.00 tax credit.

State and Local Tax Deductions

Taxpayers who itemize their taxes can deduct PROPERTY AND REAL ESTATE TAXES, and either STATE and local income or sales taxes.
These now will be capped at $10,000.

Mortgage Deductions

Taxpayers who itemize their taxes can deduct interest payments on mortgage debt of up to $750,000.
Also, homeowners may not claim a deduction for existing and new interest on Home Equity loans, beginning Jan. 1, 2018.

Medical Expense Deduction

Taxpayers can deduct medical expenses that exceed 7.5 percent of AGI.

Divorce

Effective on January 1, 2019 Alimony is no longer tax deductible at all, unless you divorced prior to this date.

Pass-Through Business Taxes

Businesses organized as sole proprietorships, LLCs and partnerships don’t pay corporate tax rates. Instead, the owners pay individual income taxes on their share of business income – they’re called pass-through business taxes. Those tax rates are the same as the individual income tax rates.

Retirement Plan Distributions

Early withdrawals will be subject to regular income tax plus 10% penalty.

Charitable Donations

More donations to charity are now Tax deductible than before.

Solar Tax Credits

Installing Solar on your house, still provides good Tax Credit of 30% of the Purchase price.

New Tax Law

 

1095-A

 

Tax Hike

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949-673-8299


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