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Tax Facts

  2018 2017 2016
Standard Deductions
Joint or Qualifying Widower $24,000 $12,700 $12,600
Single $12,300 $6,350 $6,300
Head of Household $18,000 $9,350 $9,300
Married Filing Separately $12,000 $6,350 $6,300
Taxpayer Claimed as Dependent of another $1,050 $1,050 $1,050
 
Personal / Dependent Exemption - $4,050 $4,050
 
Child Tax Credit $2,000 $1,000 $1,000
 
Unearned Income Without Kiddie Tax $2,100 $2,100 $2,100
 
Gift and Estate Tax
Applicable Credit Amount (Estate Tax) - $5,390,000 $5,450,000
Gift Tax Exemption - $5,450,000 $5,250,000
Estate and Gift Tax Exclusion $11,180,000 - -
Gift Tax Annual Exclusion $15,000 $14,000 $14,000
 
FICA Tax Maximum Earnings $128,400 $127,000 $118,500
 
Auto Standard Mileage Allowances
Business $0.545 $0.535 $0.54
Charity Work $0.14 $0.14 $0.14
Medical / Moving $0.18 $0.14 $0.17
 
Earnings Ceiling for Social Security
Below Full Retirement Age $17,040 $16,920 $15,720
Full Retirement Age Unlimited Unlimited Unlimited
 
Section 179 Deduction
Deduction $1,000,000 $25,000 $25,000
Maximum Equipment Purchases $2,500,000 $200,000 $200,000
 
Maximum 401(k) Deferral
Annual Deferral $18,500 $18,000 $18,000
Catch-up Contributions $6,000 $6,000 $6,000
 
Simple Plan Deferral
Annual Deferral $12,500 $12,500 $12,500
Catch-up Contributions $3,000 $3,000 $3,000
 
IRA Contributions
Annual Contribution Limit $5,500 $5,500 $5,500
Catch-up Contributions $1,000 $1,000 $1,000