Tax Brackets for 2019, And How To Find Out Where You Fall!

February 8, 2019

Although many people don’t realize it, tax brackets don’t stay the same from tax year to tax year. Typically, they vary slightly each year, and 2019 is no exception. If you are trying to determine how much you’ll need to pay and what you’ll receive in deductions for the coming tax season, you can use this guide to help you.

What You’ll Pay

Los Angeles accounting experts are already reporting the coming year’s tax brackets. The percentage you’ll pay depends not only on how much money you earned but on whether you’re single and filing individually, married but filing separately or married and filing jointly. Regardless of how you file, you can expect to pay as little as 10 percent or as much as 37 percent of your income in taxes.

What You Can Deduct

In 2018, standard deductions doubled for many taxpayers thanks to the Tax Cuts and Jobs Acts. This means that many taxpayers will opt into standard deductions rather than itemized ones for the 2019 tax season. The following deduction amounts are available for the new tax year:

• People filing individually can deduct up to $12,200.
Married people and surviving spouses filing jointly can deduct as much as $24,400.
Married people filing separately deduct up to $12,200.
People filing as the head of the household can deduct up to $18,350.

How To Determine Your Tax Bracket

If you already know how much you earned and how you’ll be filing in 2019, you can check the IRS website to determine what percentage you’ll pay and what you may be able to deduct for the upcoming tax season. However, because taxes can be quite complicated, it is important to work with a Los Angeles accounting professional if you are unsure about anything.

Many people choose to hire someone to help them with taxes to ensure they file properly or to save time and reduce stress. Consider hiring Los Angeles tax preparation services to help you file your 2019 taxes.