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5610 Ward Road, Suite 300 Arvada, CO 80002

9200 E. Mineral Avenue Centennial, CO 80112

 

Phone:  303-252-0852

 

Website: www.walshfinancialsolutions.com

July/August 2018

Midyear Tax Checkup

Midyear Tax Checkup

The halfway point of 2018 is a good time to examine how the Tax Cuts and Jobs Act of 2017 affects you. That way you can be better prepared come tax season. Here are some changes you might want to note:


Cap Gains Brackets Change
While the existing three capital gains tax rates remain the same, the income brackets (see below) on which capital gains and qualified dividends are levied were uncoupled from ordinary income tax rates and indexed to inflation.
Joint Filers
  • 0% - $77,200
  • 15% - $77,201 - $$479,000
  • 20% - $479,001 and up
Single Filers
  • 0% - $38,600
  • 15% - $38,601 - $$425,800
  • 20% - $425,801 and up


Long-term capital gains taxes are levied on investments held at least one year and one day. Shorter-term investment gains are still taxed at ordinary income tax rates.


Income Tax Brackets
You likely know by looking at your paycheck that federal income taxes have also changed. If you're like many taxpayers, you have seen an increase in your take-home pay. Talk to your employer to make sure your company is withholding the right amount of taxes from your pay. If your employer takes out too much, you'll get it back as a refund after filing your 2018 taxes. But why leave the money with the IRS earning zero interest?


Likewise, make sure your employer deducts enough to cover your 2018 federal tax bill. Also know that even if the correct amount of money is withheld for taxes on income from your employer, other tax considerations such as untaxed freelance income earned elsewhere might prompt you to work with your employer to deduct a little more money from your paycheck.


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Advisory Services offered through Walsh Financial Solutions or Vanderbilt Advisory Services. Securities offered through Vanderbilt Securities, LLC. Member FINRA, SIPC. Registered with MSRB. Walsh Financial Solutions and Vanderbilt Securities, LLC are separate and unaffiliated entities. Clearing agent: Fidelity Clearing & Custody Solutions. Insurance Services offered through Vanderbilt Insurance and other agencies. Supervising Office: 125 Froehlich Farm Blvd, Woodbury, NY 11797 631-845-5100
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