April Newsletter

Biggest tax changes for 2019 returns

Towards the end of 2017, President Trump officially signed a new tax reform – the Tax Cuts and Jobs Act (TCJA) – into law.  Though the law took place starting in 2018, taxpayers are just now seeing the direct impact of the law on their tax returns.  Prior to the tax deadline coming up in the middle of April, here is a look at the biggest changes you may see.

Revised tax bracket structure and rates

The tax reform introduced changes to both the structure of the different tax brackets and the rates at which they are taxed.  For tax rates, the 10 percent and 35 percent brackets remain the same, while all other brackets see a reduction anywhere from one to four percent. Changes to the overall tax bracket structure may bump taxpayers who were at the upper end of their 2017 bracket to a higher bracket on this year’s filing. See below for details on these changes:

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