Are You Ready for 2018?
Now that you've filed your 2017 tax return (or at least filed an extension), it's time to consider what your 2018 return will look like. Many provisions of the Tax Cuts and Jobs Act take effect in 2018 and could impact your return. Many taxpayers have already seen an increase in their paycheck for the revised withholding schedules, but what else should you be prepared for? For starters, the standard deduction has nearly doubled to $24,000 for married taxpayers filing jointly, $18,000 for heads of household, and $12,000 for all other individuals. The additional standard deduction for elderly and blind taxpayers was not changed.
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