standard deduction

2018 Tax Changes

by St. John & Assoc on May 10, 2018

Tax Cut and Job Act of 2017, Taxes, 2018 Taxes, Changes in taxes, deductions, standard deduction, tax bracket

Now that most of us have our 2017 tax returns behind us, focus is on to 2018. The Federal tax code was substantially changed for this year. You should be aware how it is likely to affect you and plan accordingly. The Tax Cut and Job Act of 2017 was made effective by a 50% majority vote (rather than 2/3%) of Congress and as such will expire in 2026 unless extended or ratified by a 2/3% vote by both houses of Congress. Here are the major changes involving individual returns:

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