The recent tax law changes have lowered the tax brackets starting in 2018, but that does not necessarily mean lower taxes. This is due to the elimination or reduction of items that are no longer deductible. Deductions that have disappeared include, but are not limited to: Personal exemptions: This will have the most impact on […]
Archives for January 2018
What’s Your New Tax Bracket?
The recent tax laws have not only changed the income tax rates, but have also expanded the income that falls within each bracket. Here’s an example of the old rates vs. the new rates for married individuals filing a joint return: Old Brackets: Rate Taxable Income 10% $0 – $19,050 15% $19,051 – $77,400 25% […]