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IRS Releases Important 2018 Tax Information

11/3/2017

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IRS Releases Key 2018 Tax Information
​The IRS recently announced important figures for 2018, using figures based on the Consumer Price Index published by the Department of Labor. Use these early figures to start developing your tax strategies for next year.

Tax Brackets: There are currently seven tax brackets ranging from 0 percent to 39.6 percent. Each of the income brackets rose between 1.9 and 2.1 percent.

Personal Exemption: $4,150 in 2018 (up $100 from 2017)

Standard Deductions

Deduction
Tax Year 2018
Tax Year 2017
Single
$6,500
$6,350
Head of Household
$9,550
$9,350
Married Filing Jointly
$13,000
$12,700
Married Filing Separately
$6,500
$6,350
Dependents
$1,050
$1,050
65 or Blind: Married
Add $1,300
Add $1,250
65 or Blind: Single
Add $1,600
Add $1,550

Other Key Figures:

Exclusion/Limit
Tax Year 2018
Tax Year 2017
Annual Gift Tax Exclusion
$15,000
$14,000
Roth & Traditional IRA Contribution Limit
$5,500
$5,500
Estate & Gift Tax Exclusion
$5.60 million
$5.45 million
Remember: These early IRS figures are prior to any potential tax law changes currently under consideration in Washington D.C.
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  • About
  • Services
    • Tax Strategy Network
    • Financial Planning
    • Accounting
    • Outsourced Accounting
    • Business Consulting
  • Individuals
    • Individuals
    • Real Estate Investors
    • Clergy
    • Business Owners
    • Professionals
  • Businesses
    • Small Businesses
    • Mid-Size Businesses
    • Real Estate Investors
  • Organizations
    • Churches
    • Non-Profits
  • Resources
    • Pay Your Bill
    • Tax Resources
    • E-File
    • Real Estate Resources
  • Contact
    • Contact Us
    • FAQ
    • Review Us
  • Login