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Monday, March 19, 2018

JD Supra Readers Choice Award 2018

I’m happy to announce that I have been issued a JD Supra Readers Choice Award for 2018 for the articles I write for you here. You can read more about the award here.

Thank you to those of you that voted for me!


Applicable Federal Rates - April 2018



Sunday, March 11, 2018

Key Federal Inflation-Adjusted Amounts for 2018

In Rev.Proc. 2018-18, the IRS has released various tax rates, brackets, and threshold amounts for 2018, incorporating inflation adjustments and the new tax act. Some of the principal figures are as follows:

Alternative Minimum Tax Exemption for Individuals: $109,400 for married individuals filing joint returns and surviving spouses - $70,300 for other unmarried individuals - $24,600 for estates and trusts.

Standard Deduction: $24,000 for married individuals filing joint returns and surviving spouses - $12,000 for unmarried individuals - additional standard deduction for the aged or blind of $1,300.

Election to Expense Certain Depreciable Assets: The aggregate cost of any § 179 property that a taxpayer elects to treat as an expense cannot exceed $1,000,000. The $1,000,000 limitation is reduced (but not below zero) by the amount the cost of § 179 property placed in service during the 2018 taxable year exceeds $2,500,000.

Expatriate Gain Exclusion Amount: $711,000.

Foreign Earned Income Exclusion Amount: $103,900.

Unified Credit Against Estate Tax: $11,180,000.

Notice of Large Gifts Received from Foreign Persons Threshold: $16,076.

Property Exempt from Levy: $4,680.

HSA Contribution for High Deductible Health Plans: $3,450 for individual coverage and $6,850 for family coverage.