IRS Releases Important 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.