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How do the 2018 Tax Law Changes Affect Me?

Thursday, March 01, 2018

The Tax Cuts and Jobs Act was signed into law on December 22, 2017. Many of the inflation adjusted numbers were changed. Those include:

Gift, estate, and generation-skipping transfer tax exclusion            $11,200,000

Standard deduction   

            Single                                     12,000

            Joint                                        24,000

            Head of Household                18,000

            Married Filing Separately      12,000

Tax Brackets

12% Bracket starts

            Single                                     9,525

            Joint                                       19,050

            Head of Household                13,600

            Married Filing Separately       9,525

22% Bracket starts

            Single                                    38,700

            Joint                                       77,400

            Head of Household                51,850

            Married Filing Separately     38,700

24% Bracket starts

            Single, Head of Household

Married Filing Separately         82,500

Joint                                        165,000

32% Bracket starts

            Single, Head of Household

Married Filing Separately       157,500

Joint                                        315,000

35% Bracket starts

            Single, Head of Household

Married Filing Separately       200,000

Joint                                        400,000

37% Bracket starts

            Single, Head of Household     500,000

Joint                                         600,000

Married Filing Separately       300,000

Alternative Minimum tax exemptions

            Single, Head of Household     70,300

            Joint                                        109,400

            Married filing separately        54,700

There are no longer personal and dependency exemptions.

We would be happy to speak with you regarding how the 2018 tax law changes affect your estate planning. Contact us today!