The official website of Tax Corner, a division of E.G. Enriquez & Co. Inc. Tax Corner is a tax service consultancy firm in Bergenfield.

Anticipated GOP Tax Plan

With the anticipated passing of the GOP Tax Plan, we may have to do some year-end tax planning.

 

These are some of the highlights of the GOP Tax Plan:

It reduces many individual rates. Here is the guide of rates and income brackets:

  1. 10% (income up to $9,525 for individuals; up to $19,050 for married couples filing jointly)
  2. 12% (over $9,525 to $38,700; over $19,050 to $77,400 for couples)
  3. 22% (over $38,700 to $82,500; over $77,400 to $165,000 for couples)
  4. 24% (over $82,500 to $157,500; over $165,000 to $315,000 for couples)
  5. 32% (over $157,500 to $200,000; over $315,000 to $400,000 for couples)
  6. 35% (over $200,000 to $500,000; over $400,000 to $600,000 for couples)
  7. 37% (over $500,000; over $600,000 for couples)

 

There could be host of winners and losers in this tax plan depending on individual circumstances. Proper tax planning therefore is of paramount importance  Please do not hesitate to call anytime or discuss  with us  these provisions during your annual tax preparation visit.