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Archive for Chortney Ruesch

Tax Cuts And Jobs Act Summary Of Changes (2018 To 2025)

Chortney Ruesch, TaxAdvisor

Now that congress has made final the latest tax act, I thought I would take a moment to share with you a summary of the changes so you may understand how they may affect you. These are in place 2018 until 2025. 

Individuals

Income Tax Rates

The 39.6% tax bracket has been removed and the rates have been condensed.

The system for taxing capital gains and qualified dividends did not change except the income levels for the 15% rate will start at $77,200 for married filing joint and $38,600 for single filers. The 20% rate will start at $479,000 for married filing joint and $425,800 for single filers.

The Standard Deduction

The standard deduction has been modified making it $24,000 for married filing joint and $12,000 for single filers. This will make the standard deduction more attractive than itemizing for many taxpayers.

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Another Year, Another Set Of United States Tax Changes

Now that Congress has made final the latest Tax Act, I thought I would take a moment to share with you a summary of the changes so you may understand how they may affect you. These are in place 2018 until 2025.

Individuals

Income Tax Rates

The 39.6% tax bracket has been removed and the rates have been condensed.

The system for taxing capital gains and qualified dividends did not change except the income levels for the 15% rate will start at $77,200 for married filing joint and $38,600 for single filers. The 20% rate will start at $479,000 for married filing joint and $425,800 for single filers. Read more