Tax Cuts and Jobs Act of 2017: Income Taxes
The recent Tax Cuts and Jobs Act brought with it many changes to federal tax law. In this series of blog posts, we explore what’s new in taxes.
The seven-bracket structure for income taxes has been retained, but there are generally slightly lower tax rates. The marriage penalty is mostly gone, as married filing thresholds and tax rates are now exactly double the single thresholds for all but the two highest brackets.
In terms of personal exemptions: whereas the old system provided $4,150 personal exemptions plus $6,500 standard deductions (for a total of $10,650 per individual, or $21,300 per couple), the new system eliminates personal exemptions in favor of a $12,000 standard deduction per person, or $24,000 per couple.
Attorney Fred Jacobs of Bach, Jacobs & Byrne, P.A. is a Florida Board Certified Tax Law attorney who can advise you throughout the tax planning process. Call (941) 906-1231 to set up a consultation to review your situation.