Did the Standard Deduction Change for 2018?
The standard deduction reduces a taxpayer’s taxable income. It ensures that only households with income above certain thresholds will owe any income tax. Taxpayers can claim a standard deduction when filing their tax returns, thereby reducing their taxable income and the taxes they owe.
What are the federal income tax rates for 2018?
The big news is, of course, the tax brackets and tax rates for 2018. There are still seven (7) tax rates. They are: 10%, 12%, 22%, 24%, 32%, 35% and 37% (there is also a zero rate ). Here’s how those break out by filing status: And it isn’t just the federal estate tax exemption that have been modified.
Can You claim personal exemption deduction for 2018?
For 2018, you can’t claim a personal exemption deduction for yourself, your spouse, or your dependents. Standard deduction increased. The stand- ard deduction for taxpayers who don’t itemize their deductions on Schedule A of Form 1040 is higher for 2018 than it was for 2017.
