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Also remember a deduction for exemptions is no longer applicable for 2018.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:
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