And the new Tax Brackets for 2018 have been announced! This is definitely a year that you’ll need to plan for.

Some people will be lucky enough to move down to a lower tax bracket, but a few of you that are expanding your businesses better start planning and putting money aside for the end of the year. You may even want to consider Estimated Tax Payments throughout the year, just to cover yourself and avoid penalties.

 

Federal tax brackets: 2018 tax brackets (for taxes due April 15, 2019)
Tax rate Single Head of household
10% Up to $9,525 Up to $13,600
12% $9,526 to $38,700 $13,601 to $51,800
22% $38,701 to $82,500 $51,801 to $82,500
24% $82,501 to $157,500 $82,501 to $157,500
32% $157,501 to $200,000 $157,501 to $200,000
35% $200,001 to $500,000 $200,001 to $500,000
37% $500,001 or more $500,001 or more
Tax rate Married filing jointly or qualifying widow Married filing separately
10% Up to $19,050 Up to $9,525
12% $19,051 to $77,400 $9,525 to $38,700
22% $77,401 to $165,000 $38,701 to $82,500
24% $165,001 to $315,000 $82,501 to $157,000
32% $315,001 to $400,000 $157,001 to $200,000
35% $400,001 to $600,000 $200,001 to $300,000
37% $600,001 or more $300,001 or more