Year 2018 – Looking Forward to Change

Here are some of the tax changes for 2018. Keep watching this space for updated tax information:

Income Tax Rates for Individuals for Year 2018

Tax Bracket Single Married Filing Jointly Head of Household Married Filing Separately
10% $0-$9,525 $0-$19,050 $0-$13,600 $0-9,525
12% $9,525-$38,700 $19,050-$77,400 $13,600-$51,800 $9,525-$38,700
22% $38,700-$82,500 $77,400-$165,000 $51,800-$82,500 $38,700-$82,500
24% $82,500-$157,500 $165,000-$315,000 $82,500-$157,500 $82,500-$157,500
32% $157,500-$200,000 $315,000-$400,000 $157,500-$200,000 $157,500-$200,000
35% $200,000-$500,000 $400,000-$600,000 $200,000-$500,000 $200,000-$300,000
37% >$500,000 >$600,000 >$500,000 >$300,000
FICA 2018 (6.2%) maximum wage limit increases to $128,400 from $127,200 for 2018, an increase of $1,500 from 2018. There is no Medicare (1.45%) maximum wage limit for 2018. Starting 1/1/2013, a 0.9 percent Additional Medicare Tax applies to all wages that exceed $200,000 ($250,000 for joint return filers and $125,000 for married filing separately filers).

Standard Deduction Amounts for year 2018

  • MFJ & Surviving Spouses – $24,000
  • HH  $ 18,000
  • Single – $ 12,000
  • MFS – $ 12,000
Business-meeting
Plus Over 65 or Blind Deduction for year 2018

  • Over 65 or blind MFJ may deduct an additional $1,250.
  • Over 65 or blind single, not a surviving spouse taxpayers may deduct an additional $1,550.

Personal Exemption Deduction for year 2018

  • Generally, each taxpayer may deduct $4,150 for year 2018 with phase-out of personal exemptions beginning at $320,000 for married joint filers and surviving spouses, $293,550 for head of households, $266,700 for single filers, and $160,000 for married filing separate filers. Complete phase-out of personal exemption at $442,500 for married joint filers, $415,850 for head of households, $389,200 for single filers, and $221,250 for married filing separate filers. (see IRS website for complete phase-out guidelines).
Long-term Care Premiums deducted as medical care for year 2018

  • Age <41………………….$ 420
  • Age >40 but <51……….$ 780
  • Age >50 but <61……..$1,560
  • Age >60 but <71……..$4,160
  • Age >70………………..$5,200
Standard Mileage Rates for year 2018

  • Business …………….. $.545/mi.
  • Charitable …………… $.14/mi.
  • Medical ………………. $.18/mi.
  • Moving ……………….. $.18/mi.
You can also check some of the other sections of this website for a brief history of past tax changes. Contact us at 301-649-1600 or 703-269-3918 to get all the answers you need.

Contact Info

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Kensington, MD 20895

Phone: 301-649-1600

By Appointment in McLean, VA
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McLean, VA 22102

Virginia Phone: 703-269-3918

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