The law also limits the state and local tax deduction to $10,000, $5,000 if married and filing a separate tax return. Additionally, taxpayers can no longer deduct miscellaneous itemized deductions for job-related costs and certain other expenses. Various deductions limited or discontinued. Check out this resource: Publication 501, Dependents, Standard Deduction and Filing Information PDF.Along with other changes, this means that more than half of those who itemized their deductions in tax year 2017 may instead take the higher standard deduction on their 2018 tax return. Higher amounts apply to people who are blind or at least age 65. For 2018, the basic standard deduction is $12,000 for singles, $18,000 for heads of household and $24,000 for married couples filing a joint tax return. Check out this resource: Publication 5307, Tax Reform Basics for Individuals and Families PDF.The seven rates range from 10 percent to 37 percent. Starting in 2018, tax rates are lower for most income brackets. Here’s a quick overview of key changes with a link to more information on IRS.gov: To help taxpayers understand these changes, the IRS created several resources that are available on IRS.gov. Major tax law changes affect every taxpayer filing a 2018 tax return this year.
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