2018 Tax Exemptions and Deductions: What You Need to Know
Now more than ever, tax laws are in flux. The final amount of valuable tax breaks like the personal exemption and the standard deduction that you'll be able to claim in 2018 will depend in large part on whether tax reform passes and which provisions end up in a final version of any legislation that makes it through Congress. With substantial differences between the House tax reform package and the version that the Senate approved, lawmakers will have to figure out how to come to agreement on a bill that can make it through both chambers successfully.
That uncertainty makes it impossible to provide a definitive list of what exemptions and deductions will be in place for 2018. However, you can get a good sense of what things would look like in 2018 without tax reform, and then get a sense of what impact the House and Senate proposals would have on those numbers.
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Source: Fool.com
