With the new Tax Cuts and Jobs Act, almost every taxpayer will be affected by the new tax laws, TCJA, which take effect beginning tax year 2018. First off, under the new law, the individual tax brackets are set at 10%, 12%, 22%, 24%, 32%, 35%, and 37%. It is important to check and compare your tax bracket from last tax year to this tax year for tax planning purposes. For example, tax rate comparisons are necessary to determine if you should switch from owning a pass through business entity to a non-pass through business entity.