Monday, September 17, 2018

Federal Income Taxes -- Looking Ahead To 2018

In 2017, our standard deduction was $15,200 and our "exemption" was $8,100. It is my understanding that in 2018, our standard deduction will go to 24,000, plus an additional $1,300 for each spouse over the age of 65 or blind, but the "exemption" will "go away."

$23,300 (2017) vs $26,600 (2018).  What's not to like. Thank you, Mr Trump.

I'm not going to compare the new tax brackets; let me be surprised. LOL.

One can download draft examples of the new "1040." It is' almost postcard-size. LOL.

If the Dems take both houses of Congress this autumn, one can assume the tax form will get much, much simpler. The Dems will eliminate all that nonsense between "list your income" and "how much you owe us."

Wheel, Jerry Jeff Walker

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