The Tax Cuts and Jobs Act has increased the standard deduction.
Current Law
Through December 31, 2017
The inflation-adjusted basic standard deduction is $12,700 for joint filers and surviving spouses; $9,350 for head of household; and $6,350 for single or married filing separately.
New Law
Effective for tax years beginning after December 31, 2017, and before January 1, 2026
The inflation-adjusted standard deduction will be $24,000 for joint filers and surviving spouses; $18,000 for head of household; and $12,000 for single and married filing separately.
Commentary
The additional standard deduction for the elderly and blind remains unchanged. The standard deduction will also be indexed for inflation annually based on the Chained Consumer Price Index for all-urban consumers (C-CPI-U).
I joined Hawkins Ash CPAs in August 2010, and am currently the Director of Tax. From the Firm's Medford office, I provide a variety of tax services, including trust and estate tax preparation and planning. I provide these services to small business, individual, trust, estate, and non-profit clients.
