10 Tax Changes for 2018

posted by Rachel -

Tax Time!!! Some do it early, some later...but it's best to be prepared and 2018 has some significant changes that could affect you.

Child tax credit: The child tax credit has been raised to $2,000 per qualifying child, those who are under 17, up from $1,000. A $500 credit is available for dependents who do not get the $2,000 credit.

Standard deductions: Those who are married and filing jointly will have an increased standard deduction of $24,000, up from the $13,000 it would have been under previous law.Single taxpayers and those who are married and file separately now have a $12,000 standard deduction, up from the $6,500 it would have been for this year prior to the reform.For heads of households, the deduction will be $18,000, up from $9,550. 

Estate tax: The estate exemption doubles to $11.2 million per individual and $22.4 million per couple in 2018.

Just to name a few! 

Take a look at some other big changes in the full article from CNBC

Photos: Getty Images, Article: CNBC


Rachel Lutzker

Rachel Lutzker

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