Thursday Apr 3, 2025

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2018 Tax Changes

The Tax Cuts and Jobs Act Suspended or Repealed Certain Rules and Deductions

Beginning 2018 All Taxpayers Must Use Form 1040

Qualified Business Income (QBI) Deduction (Code Sec. 199A)

2018 Capital Gains and Qualified Dividends

Entertainment Expenses

2018 IRS Mileage Allowance

2018 Vehicle Depreciation Limit and Bonus Depreciation for Vehicles

2018 First-year expensing (Section 179), Bonus Depreciation, Farm Property, Applicable Recovery Period for Real Property

2018 Mortgage Interest

2018 State and Local Taxes (SALT)

2018 Standard Deduction

2018 Personal Exemption Deduction Suspended for yourself, your spouse, and each dependent

2018 Earned Income Tax Credit (EIC)

2018 Child Tax Credit and Credit for Other Dependents

2018 Saver's Credit

2018 529 Plans and ABLE Accounts

2018 Health Savings Accounts (HSA)

2018 Tax-Free Exchanges (Section 1031)

2018 Individual Health Care Mandate

2018 Self-employment Tax and Deduction for Portion of Self-employment tax

2018 Social Security Wage Base

2018 IRA and Roth IRA Contribution Phaseout; Rollover Limits

2018 Deduction Limits for Long-Term Care Premiums

2018 Adoption Expenses

Casualty and theft losses

Kiddie Tax

2018 Annual Gift Tax Exclusion and Gift Tax and Estate Tax Exemption

2018 Foreign Earned Income and Housing Exclusions

2018 Tax Brackets

2018 Alternative Minimum tax (AMT) Exemption and Tax Brackets

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