Tax Cuts of 2017: What You Need to Know in 2019’s Tax Filing

Tax Rate

Single

Married/Jointly

Head of Household

Married/Separately

10%

$0−$9,525

$0−$19,050

$0−$13,600

$0−$9,525

12%

$9,525−$38,700

$19,050−$77,400

$13,600−$51,800

$9,525−$38,700

22%

$38,700−$82,500

$77,400−$165,000

$51,800−$82,500

$38,700−$82,500

24%

$82,500−$157,500

$165,000−$315,000

$82,500−$157,500

$82,500−$157,500

32%

$157,500−$200,000

$315,000−$400,000

$157,500−$200,000

$157,500−$200,000

35%

$200,000−$500,000

$400,000−$600,000

$200,000−$500,000

$200,000−$300,000

37%

Over $500,000

Over $600,000

Over $500,000

Over $300,000

 

Exemptions and deductions for individuals have been modified or repealed.

  • Personal exemption of $4,150 per taxpayer and dependent has been eliminated.
  • Individual standard deduction has been increased from $6,500 to $12,000.
  • Married couples who file jointly has been increased from $13,000 to $24.

 

Itemized Deductions Updated 2017:

  • State/local income tax and property tax
  • Mortgage interest deduction
  • Medical expenses
  • Miscellaneous itemized deductions
  • Income phaseout for itemizing deductions

 

Individual Income Tax Changes Affecting 2019:

  • Family tax credits
  • Estate and gift taxes
  • Cash donations to charity
  • Education planning
  • 1031 exchanges
  • Individual alternative minimum tax (AMT)
  • Retirement recharacterizations
  • Pass-Through Business Income
  • Certain service professionals (e.g., attorneys, accountants, financial professionals)

 

 

To discuss how we can partner with your tax professional, please call us at 682.224.4001.

 

This material has been provided for general informational purposes only and does not constitute either tax or legal advice. Although we go to great lengths to make sure our information is accurate and useful, we recommend you consult a tax preparer, professional tax advisor, or lawyer.

 

Brian Bisdorf, CRPC ® is a financial advisor with Bisdorf Palmer, LLC at 201 American Concourse, Suite 310. Fort Worth, TX 76106. He offers securities and advisory services as a Registered Representative and Investment Adviser Representative of Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser. He can be reached at 682.224.4001 or at [email protected] 

© 2019 Commonwealth Financial Network®