Hi, I'm attorney John Mitchell in Houston, Texas, and I specialize in federal income tax matters. Now, this video today is about some of the top ten highlights for personal returns that you might find interesting from the new tax law that was approved by Congress in December 2017. Okay, so the first thing I'm going to talk about is tax brackets. Each tax bracket has a minimum and a maximum amount of income that determines which bracket you fall within. Your marginal rate is based on the percentage rate of that bracket. Under the previous law, there were seven tax brackets: 10%, 15%, 25%, 28%, 33%, 35%, and a top bracket of 39.6%. However, under the new law, there are still seven different tax brackets, but the percentages and cutoff points have changed. The brackets are now 10%, 12%, 22%, 24%, 32%, 35%, and 37%. The new top bracket starts at $500,000. Next on the list is the alternative minimum tax (AMT). Under the old law, individuals didn't have to worry about paying AMT until their income reached $54,300. For married couples, the threshold was $84,500. However, under the new law, the thresholds have increased. For individuals, it is now $84,000, and for married couples, it is $109,400. It's important to note that AMT no longer applies to corporations under the new law. Number three on the list is the standard deduction. The standard deduction is a fixed amount that reduces your taxable income. Under the previous law, the standard deduction for single individuals was $6,350, and for married couples filing jointly, it was $12,700. However, under the new law, the standard deduction has significantly increased. For single individuals, it is now $12,000, and for married couples filing jointly, it is $24,000. These are just a few of the...
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Irs publication 570 (2023) Form: What You Should Know
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