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What are the major changes to the tax law in 2018?

What are the major changes to the tax law in 2018?

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The tax law in 2018 approximately doubles the amount of standard deduction. The standard deductions for single taxpayers increased from $6,350 for 2017 taxes to $12,000 for 2018 taxes. For married, the standard deductions increased from $12,700 to $24,000. The estate exemption nearly doubles to $11.2 million for single and $22.4 million for married. The child tax credit is increased from $1,000 per child to $2,000 per qualifying child. For single, the limit for individual retirement accounts is $63,000 to $73,000; and for couples it is income phase out for contributions to Roth IRAs is increased from $120,000 to $135,000; and for married it is increased from $189,000 to $199,000.

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