Here are all about IRS tax benefit adjustments for the year 2018 you need to know! These changes could affect your tax filing process in the coming year.

1. IRS 2018 TAX
CHANGES YOU NEED
TO KNOW

2. IRS (Internal Revenue Service)
has announced 2018 inflation
adjustments for tax provisions
and some tax changes.
These tax adjustments for 2018
are generally used in filing the
tax returns in 2019.

3. Here are some of the notable
tax changes for 2018 that
you want to know!

4. For2018taxyear,thestandarddeductionfor
marriedcouplesfilingjointlyrisesby$300from
$12,700to$13,000
Thestandarddeductionsforsingle taxpayersand
married individualsfilingseparatelywillrisefrom
$6,350to$6,500,theincreaseof$150
Thedeductionforheadofthehousewillbe$9,550.
Standard
Deduction
01

5. PersonalExemptionfor2018taxyearwillseearise
from$100to$4,150
Phase-outofexemptionwillbeginwithgrosssalary
of$266,700 andcompletesto$389,200for
individualswhileformarriedcoupleswhofilejointly
willbeginwithincome $320,000andphase-out
completelyat$442,500.
Personal
Exemption
02

6. Forindividuals,exemptionamountwillbe$55,400
beforeAMTgetsinandwillbegintophase-outat
$123,100.
Whileformarriedcouples whofilejointly,the
exemption amountwillbe$86,200andwillbeginto
phase-outat$164,100
Alternative
Minimum Tax
03

7. Thecontributionlimitforemployeesthat
participatein401(k),403(b), 457andthrift
savingsretirementplanswillseeariseof$500
fromcurrent$18,000to$18,500.
Retirement Plan
Limitation
04

8. Theincomephase-outhasbeenraisedforboth
individuals orheadofthehouseandmarried
couplesfilingjointlywhileformarried
individuals phase-outwasnotfixed.
Individual experiences$120,000to$135,000
phase-outrisewhileformarriedcoupletherange
risesto$189,000to$199,000
Contribution to
Roth IRAs
05

9. Whatwilltheseproposedadjustmentsbringwithit?
Asstandarddeductionsincreased tolargeextent
moretaxpayerswillclaimstandardthenitemize,
addingsimplicitytothelaw
Withproposingincreasedchildtaxcredit,middle-
classtaxpayersmaygetbenefitedwhileupper
middle-class willnotonlyloseallitemized
deductionbutalsowon'tbenefit fromthisincrease.
Home-ownershipwillbecostlyinhigh-taxstates
Conclusion

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12. 5IRStaxbenefitadjustmentsyou'llwantto
knowaboutin2018 -USAToday
References
8taxchangesfor2018youneedtoknow
-CNBC
IRSAnnounces2018TaxBrackets,Standard
DeductionAmounts,AndMore
-Forbes
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