Income Tax Brackets
| Single Filers | |
|---|---|
| Tax Bracket | Taxable Income |
| 10 percent | Up to $11,000 |
| 12 percent | $11,000 to $44,725 |
| 22 percent | $44,725 to $95,375 |
| 24 percent | $95,375 to - $182,100 |
| 32 percent | $182,100 - $231,250 |
| 35 percent | $231,250 - $578,125 | 37 percent | Over $578,125 or more |
| Married, Filing Jointly | |
|---|---|
| Tax Bracket | Taxable Income |
| 10 percent | Up to $22,000 |
| 12 percent | $22,000 to $89,450 |
| 22 percent | $89,450 to $190,750 |
| 24 percent | $190,750 to $364,200 |
| 32 percent | $364,200 to $462,500 |
| 35 percent | $462,500 to $693,750 | 37 percent | Over $693,750 |
| Heads of Households | |
|---|---|
| Tax Bracket | Taxable Income |
| 10 percent | Up to $15,700 |
| 12 percent | $15,700 to $59,850 |
| 22 percent | $59,850 to $95,350 |
| 24 percent | $95,350 to - $182,100 |
| 32 percent | $182,100 - $231,250 |
| 35 percent | $231,250 - $578,100 | 37 percent | Over $578,100 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.
