The IRS just announced over 50 annual inflation adjustments for 2018 tax provisions. Some of the more significant ones are listed below:
1. The standard deduction goes up $300 to $13,000 for married filing jointly and up $150 to $6,500 for single taxpayers.
2. The personal exemption rises $100 to $4,150.
3. The estate exclusion rises from $5,490,000 in 2017 to $5,600,000 for those who die in 2018.
4. The gift tax annual exclusion increases $1,000 to $15,000. It has been $14,000 for many years.
5. The 2018 foreign earned income exclusion is $104,100 which is up from the 2017 amount of $102,100.
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