The IRS has announced the tax rates and brackets for 2019. These are the rates for the 2019 tax year. You'll use these rates when you file taxes in 2020. Use the 2018 tax rates when you file taxes in April 2019.
2019 Tax Rate Individual Married, Filing Jointly Head of Household 10% 0 to $9700 0 to $19400 0 to $13850 12% $9701 to $39475 $19401 to $78950 $13851 to $84200 22% $39476 to $84200 $78951 to $168400 52851 to $84200 24% $84201 to $160725 $168401 to $321450 $84201 to $160700 32% $160726 to $204100 $321451 to $408200 $160701 to $204100 35% $204101 to $510300 $408201 to $612350 $204101 to $510300 37% $510301 and up $612351 and up $510301 and up
You'll use the 2019 tax rates when you file taxes for that year. Typically, that's done by April 2020.
The standard deduction sees some slight increases:
Filing Status Standard Deduction Amount Single $12200 Married, Filing Jointly $24400 Married, Filing Separately $12200 Head of Household $18350
The tax rates remain the same but the brackets have changed. The difference is due to an annual inflation adjustment. It impacts more than 60 tax provisions, including these tax rate schedules.
The IRS singled out a few other changes:
Many experts offer the same advice as previous years: maximize your tax-advantaged accounts like your 401K and to claim as many deductions as you're eligible for. If you're self-employed, don't forget to deduct business expenses like your business mileage.
The tax reform law has changed deductions a bit. Some major deductions changers are:
There are a variety of other changes to the tax code, so please consult a tax pro before making any decisions.