Advisor.Investments - July 2018

Our periodic communication that reminds you to ask, “Should I react to those headlines?”

2018 Updated Tax Brackets

            As the tax brackets for 2018 changed with new legislation in late 2017, we find ourselves often being asked… What bracket would that place me in?  For that reason we wanted a handy place to turn, and thought you might want to glance at the brackets prior to yearend.

2018 Income tax brackets based on Taxable Income

Rate    Individuals                          Joint Filers    

10%     0   -   $9,525                      0  -   $19,050

12%      $9,526 - $38,700              $19,051 - $77,400

22%      $38,701 -  $82,500           $77,401 - $165,000

24%      $82,501 -  $157,500         $165,001 - $315,000

32%      $157,501 - $200,000        $315,001 - $400,000

35%      $200,001 - $500,000        $400,001 - $600,000

37%      $500,001  +                       $600,001 +

2018 Long-term Capital Gains rates were left unchanged

Rate       Individuals                          Joint Filers

0%         0 - $38,600                          0 - $77,200

15%       $38,601 - $425,800             $77,200 - $479,000

20%        $425,801 +                          $479,001 +

The Net Investment Income Tax still remains with 3.8% additional tax on investment income for individuals with an adjusted gross income higher than $200,000 and Married filers over $250,000.

2018 Standard deductions and Exemptions

There were large changes made to the standard deduction and exemptions for 2018.

Standard deduction for single filers will be $12,000.

Standard deduction for joint filers will be $24,000.

The personal exemptions will $0. (yes they go away)

     This piece is not meant to replace doing actual tax projections, nor a full description of the tax law changes that were enacted in December 2017.   If you have serious financial decisions to make, we highly recommend getting with a tax professional prior to making any changes.

See you next time.

James Pope

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