We keep you up-to-date on the latest tax changes and news in the industry.
Article Highlights:
AGI |
XXXX
|
Deductions | - XXXX |
Taxable Income |
XXXX
|
Filing Status |
Single
|
Married Filing Jointly
|
Head of Household
|
Married Filing Separate
|
10%
|
$0–9,525
|
$0–19,050
|
$0–13,600
|
$0–9,525
|
12%
|
$9,526–38,700
|
$19,051–77,400
|
$13,601–51,800
|
$9,526–38,700
|
22%
|
$38,701–82,500
|
$77,401–165,000
|
$51,801–82,500
|
$38,701–82,500
|
Redeem Government Bonds – If you have invested in U.S. government bonds, such as Series EE or I bonds, and you’ve been deferring paying tax on the interest from these bonds until they mature, you may want to cash in the bonds prior to the year when they mature, if that maturity date is within the next few years and to the extent that adding the bond interest to your other income for the year won’t push you out of the zero or 10% tax bracket and into a higher bracket. This strategy isn’t advisable if the interest you would earn on the bonds if you held them to maturity would be more than the tax you can save by cashing in the bonds during a low-income year.
Defer Deductions – When you itemize your deductions, you may claim only the deductions you actually pay during the tax year (the calendar year, for most folks). If your projected taxable income will be negative and you are planning on itemizing your deductions, you might consider putting off some of those year-end deductible payments until after the first of the year and preserving the deductions for next year. Such payments might include house of worship tithing, year-end charitable giving, tax payments (but not those incurring late payment penalties), estimated state income tax payments, and medical expenses.
Convert Traditional IRA Funds into a Roth IRA – Roth IRAs provide tax-free accumulation and tax-free retirement distributions. So to the extent of any negative taxable income or even just for the lower tax rates, you may wish to consider converting some or all of your traditional IRA into a Roth IRA. The lower income results in a lower tax rate, which will provide you with an opportunity to convert to a Roth IRA at a lower tax amount.
Zero Capital Gains Rate – There are three capital gains rates depending upon your taxable income. When your taxable income is in the lowest range, as shown in the table below, you will actually pay no tax on your long-term capital gains. Thus, if your taxable income is within the zero percent long-term capital gains rate bracket, this is an opportunity for you to sell some appreciated securities that you have owned for more than a year and pay no tax on the gains.
Long-Term Capital Gains Rates (2018)
|
|||
Filing Status
|
0%
|
15%
|
20%
|
Single
|
$0–38,600
|
$38,601–425,800
|
$425,801 & Above
|
Head of Household
|
$0–51,700
|
$51,701–452,400
|
$452,401 & Above
|
Married Joint
|
$0–77,200
|
$77,201–479,000
|
$479,001 & Above
|
Married Separate
|
$0–38,600
|
$38,601–239,500
|
$239,501 & Above
|
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