Tax Law Changes Standard Deduction Single $6,350 - $12,000

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Presentation transcript:

Tax Law Changes 2017 - 2018 Standard Deduction Single $6,350 - $12,000 Personal Exemption $4,050 – 0 Standard Deduction Married $12,700 - $24,000 Child Tax “Credit” $1,000 - $2,000

Tax Law Changes 2017 - 2018 QBI (Qualified Business Income) Deductible 0 – 20% Our Example $14,000 (BJ) + $26,000 (QBI) = $40,000 $26,000 X 20% = $5,200 Deduction

Tax Brackets/Rates Single 10% - up to $9,525 12% - $9,525 to $38,700 22% - $38,700 to $82,500 Married 10% - up to $19,050 12% - $19,050 to $77,400 22% - $77,400 to $165,000