The Internal Revenue Service (IRS) recently released its 2018 Actuarial Tables, which are used to estimate estate taxes and other tax liabilities. The tables, which were last revised in 2017, are based on the latest data from the U.S. Census Bureau's National Population Projections and the Social Security Administration's mortality tables. These tables are important for both individuals and businesses because they help to accurately predict future liabilities and provide an understanding of how different tax strategies may affect a business or individual's bottom line.
The 2018 Actuarial Tables provide some significant changes from the 2017 tables. For instance, the maximum tax rate for estates over $11.2 million has increased from 40 to 60 percent for those with assets over that amount. Also, the 2018 tables incorporate the Tax Cuts and Jobs Act, which reduced the corporate tax rate from 35 to 21 percent and made other significant changes to the tax code. This means that businesses must now factor in the new law when calculating their liabilities. Furthermore, the 2018 tables also reflect the recent changes in life expectancies, which have resulted in a decrease in the number of years used to calculate estate taxes.
The 2018 Actuarial Tables are a useful tool for both individuals and businesses. For individuals, the tables can help inform decisions about estate planning, such as whether to set up a trust or other financial vehicles. Businesses can use the tables to understand the potential tax liability associated with their operations. As such, it is important for individuals and businesses to familiarize themselves with the 2018 Actuarial Tables and to use them to make informed decisions.
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