Understanding how far back the IRS can audit your tax returns is crucial for managing your financial records.
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With each new year comes new changes to the tax brackets due to inflation and new bills passed by Congress. We made a table for these changes and here are the most important revisions we think you need to know!
| 2017 | 2018 | |
| Standard Deduction – Single | $6,500 | $12,000 |
| Standard Deduction – Jointly Married | $13,000 | $24,000 |
| Personal Exemption – Single/Joint | $4,000/$8,000 | ELIMINATED |
| Child Tax Credit (Under 17) | $11,000 | $12,000 |
| Limits for Retirement Savings | $18,000 | $18,500 |
| Savings in IRAs – Single | $62K-$72K | $63K-$73K |
| Savings in IRAs – Married (w/ employer plan) | $99K-$119K | $101K-$121K |
| Contribution to IRAs – Single | $118K-$133K | $120K-$135K |
| Contribution to IRAs – Married (jointly) | $186K-$196K | $189K-$199K |
| Top Rate – Individual | 39.6% at $418.4K+ | 39% at $500K+ |
| Top Rate – Married (joint) | 39.6% at $470.7K+ | 39% at $600K+ |
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