January 26, 2018
The 2017 tax reform legislation made wide-ranging changes to the tax code that will impact every taxpayer in the United States. One of the more significant changes that was made was a significant change in the tax brackets starting in 2018. See visual below of tax rates for single and married jointly filers (head of households also have a new rate schedule).
In general, there is a reduction in tax rates of 2-4%, and some of the brackets for married couples in particular are significantly expanded. Since every tax situation is unique, make sure you review your situation to determine how your tax liability might be affected by the change in rates.
Keep in mind that there are significant changes to available deductions and credits, so the changes in your tax rates only tell part of the story. Don’t hesitate to contact us, or consult with your current tax advisor to make sure you understand how tax reform will affect your tax situation.
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