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Also remember a deduction for exemptions is no longer applicable for 2018.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 Federal Return and Taxpayer Expectations
January 30, 2019
Reminder of 2018 Itemized Deduction Changes
January 16, 2019
Qualified Business Income Deduction (20% Deduction for Certain Pass-Through Income)
January 9, 2019
Reminder of Form 1040 Redesign
January 2, 2019
Important Reminders for the Upcoming 2019 Filing Season
November 28, 2018
2018 Changes to Form 8867 (Preparer Due Diligence Checklist)
November 9, 2018