Tax Reform Series 8 – Increase in Basic Standard Deduction

Plain Language of Change:

  • The basic standard deduction is increase from January 1, 2018 until December 31, 2025
  • The basic standard deductions are increased as follows:
    • $12,000 for single taxpayers and married filing separately
    • $18,000 for heads of household; and
    • $24,000 for married filing joint (including surviving spouses)
  • Amounts are indexed for inflation after 2018
  • Standard deductions for the aged and/or blind are not affected

Detailed Analysis of Increase in Standard Deduction

Cordasco & Company PC is a boutique CPA firm specializing in federal and state tax issues. We provide customized tax and accounting services specifically designed to help our clients capitalize on the rapidly changing tax and accounting environments.

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