Personal Exemption

Losing the $4,050 Personal Exemption in 2018 But Doubling The Standard Deduction

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As part of the GOP tax reform bill to support President Trump’s tax reform agenda the Personal exemption is being fully eliminated in 2018. The $4,050 personal exemption in 2018 (which was unchanged from 2017) can be taken for yourself, your spouse, and your eligible dependents, will be scrapped. This could mean that single parents or families with […]

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2017 and 2018 Itemized Deductions and Personal Exemption Phase-out Income Limit Changes with Trump GOP Tax Plan

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[Trump Tax Reforms and impact to Itemized Deductions] As part of the GOP tax reform bill to support President Trump’s tax reform agenda there are going to several changes to which deductions can be taken in 2018 and beyond. The biggest change is that the Personal exemption is being fully eliminated in 2018 (until 2025, unless extended by […]

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