
Last week, the IRS announced its 2018 annual inflation adjustments. Below are the highlights for items that changed: Standard deductions: For married filing jointly, increases to $13,000 (up from $12,700 in 2017). For single taxpayers and married individuals filing separately, increases to $6,500 (up from $6,350 in 2017) For heads of households, rises to $9,550 (up from $9,350 for 2017). Personal exemption increases by $100 to $4,150. The exemption is subject to a phase-out that begins with adjusted gross incomes of $266,700 ($320,000 for married couples filing jointly). It phases out completely at $389,200 ($442,500 for married couples filing jointly.)…
Read More