2018 Tax Brackets Changed Under the New Tax Law

2018 tax brackets have been changed, where does that place you? 

 

The new law will maintain the same seven tax bracket structure under the 2018  changes. However, the rates and income levels at which they apply have been adjusted. Our compare sheet will give you a side by side comparison of 2018 tax brackets vs 2017 tax brackets

 

Compare Sheet

 (click to enlarge)

 

 

With an increase in the standard deduction the new law eliminates or restricts many itemized deductions. About 30% of taxpayers have itemized deductions because their total itemized deductions were more than the standard deduction. Know your tax bracket and estimate your tax rate with a tax bracket calculator.

 

These changes for the 2018 tax brackets have many concerned because the rates and brackets are instrumental in shaping financial planning strategies. Look at the 2018 tax deductions to see how it will affect your tax filing and read about the changes to the 2018 Child Tax Credits & 2018 Medical Deductions. 

 

See the benefits in Strategic Tax Planning.