The Internal Revenue Service (IRS) recently released its tax table for the 2018 tax year. While the overall tax rates remain the same as last year, there are some changes that could affect how much you owe or receive in refunds. Understanding the new IRS tax table is essential for individuals and businesses alike to ensure that they are compliant with federal regulations.
The IRS tax table for 2018 includes several updates from the previous year. Most notably, the standard deduction has been increased from $6,350 to $12,000 for individuals, and from $12,700 to $24,000 for married couples filing jointly. This change could result in a lower overall tax burden for many taxpayers. In addition, the tax brackets have been adjusted to account for inflation, which will also reduce the amount of taxes owed. Finally, the child tax credit has been increased from $1,000 to $2,000 per qualifying dependent. These changes could mean significant savings for taxpayers with children.
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