{"id":2756,"date":"2018-12-06T09:00:28","date_gmt":"2018-12-06T09:00:28","guid":{"rendered":"https:\/\/web.blockadvisors.com\/?p=2756"},"modified":"2020-02-11T16:28:03","modified_gmt":"2020-02-11T16:28:03","slug":"2019-tax-brackets","status":"publish","type":"post","link":"https:\/\/www.blockadvisors.com\/resource-center\/tax-prep-and-planning\/2019-tax-brackets\/","title":{"rendered":"2019 Tax Brackets \u2013 What\u2019s Your Bracket This Upcoming Tax Season?"},"content":{"rendered":"

The tax reform changes made by the Tax Cuts and Job Act<\/a> (TCJA) affect your upcoming 2019 tax return, including rates and brackets.<\/p>\n

One thing is the same — U.S. taxes are still based on a \u201cprogressive\u201d system, which means your tax rate increases as your taxable income amount does.<\/p>\n

Taxable income is the basis for using the tax brackets below. It is generally calculated as gross income<\/a>, less any adjustments, less either the sum of itemized deductions or the standard deduction, whichever amount is larger.<\/p>\n

A Summary of Tax Tables for 2019<\/strong><\/h2>\n

Here are the numbers for the tax year 2019 that you\u2019ll use for the return you\u2019ll file in 2020.<\/p>\n

Similar to previous years, there are still seven tax rates, broken down by filing status. The top tax rate is now 37%, while in prior years it was 39.6%. The other marginal rates are: 10%, 12%, 24%, 32%, 35%, and 37%.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n
2019 Tax Brackets & Rates<\/caption>\n
Rate<\/th>\nFor Unmarried Individuals, Taxable Income<\/th>\nFor Married Individuals Filing Joint Returns, Taxable Income<\/th>\nFor Heads of Households, Taxable Income<\/th>\n<\/tr>\n<\/thead>\n
10%<\/td>\n$0<\/td>\n$0<\/td>\n$0<\/td>\n<\/tr>\n
12%<\/td>\n$9,700<\/td>\n$19,400<\/td>\n$13,850<\/td>\n<\/tr>\n
22%<\/td>\n$39,475<\/td>\n$78,950<\/td>\n$52,850<\/td>\n<\/tr>\n
24%<\/td>\n$84,200<\/td>\n$168,400<\/td>\n$84,200<\/td>\n<\/tr>\n
32%<\/td>\n$160,725<\/td>\n$321,450<\/td>\n$160,700<\/td>\n<\/tr>\n
35%<\/td>\n$204,100<\/td>\n$408,200<\/td>\n$204,100<\/td>\n<\/tr>\n
37%<\/td>\n$510,300<\/td>\n$612,350<\/td>\n$510,300<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

2018 Tax Brackets<\/strong><\/h2>\n

To compare the old with the new, view the 2018 tax table below. For additional context, read on and we\u2019ll give you an outline of the new tax brackets and what you need to know.<\/p>\n

\"2018<\/p>\n

Can You Get Into a Different Tax Bracket? <\/strong><\/h2>\n

Simply put, yes.<\/p>\n

Your marginal tax rate<\/a> is associated with your taxable income (not salary or gross income) and there are strategies to reduce your marginal tax rate. Here are a few potential tax deductions and exclusions that may reduce your marginal tax rate. Most of these must be in place by the end of the year. If you missed doing this in 2019, consider taking one or more of these actions in future years:<\/p>\n