March 27, 2018
Standard Deduction for 2018
The Tax Cuts and Jobs Act increased the standard deduction amounts for 2018 as follows:
Additional Standard Deduction for Aged/Blind:
Standard Deduction for individuals who may be claimed as a dependent cannot exceed the greater of $1,050 or the sum of $350 (up to the standard deduction amount) and the individual’s earned income.
For more details see IRS Revenue Procedure 2018-10.
Also remember a deduction for exemptions is no longer applicable for 2018.
Mileage Rates for 2018
For more details see Standard Mileage Rates for 2018 up from Rates for 2017 on the IRS website.
Itemized Deduction Changes for 2018
The Tax Cuts and Jobs Act made the following changes to itemized deductions for 2018:
2018 Depreciation Changes
October 18, 2018
2018 Tax Law Changes that are Directly Reported on Form 1040
October 3, 2018
IRS Tax Transcripts Changes
September 27, 2018
Revised 2018 Schedule A due to Tax Cuts and Jobs Act Changes to Itemized Deductions
August 29, 2018
2018 Expansion of Preparer Due Diligence Requirements
August 8, 2018
IRS Accepting Renewal Applications for ITINs Expiring at End of 2018
July 25, 2018