Change in tax rates. For 2018, most tax rates have been reduced. The 2018 tax rates are 10%, 12%, 22%, 24%, 32%, 35%, and 37%. Standard deduction amount in-creased. For 2018, the standard deduction amount has been in-creased for all filers. The amounts are: • Single or Married filing sepa-rately—$12,000. • Married filing jointly or Qualify-

What is the penalty for not filing your 2018 tax return?

If the tax due is more than $210, the penalty is at least $210. The IRS provided penalty relief for certain taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year.

When does the IRS issue tax refunds for 2018?

FS-2018-3, February 2018 — The IRS issues more than nine out of 10 refunds in less than 21 days. However, some tax returns may require additional review, which affects refund timing.

When do I need to do 2018 tax return calculator?

This 2018 Tax Return Calculator is for Tax Year 2018: 01/01-12/31/2018. You can no longer e-File your 2018 IRS and/or State Returns. Complete, Sign 2018 Tax Forms online, here on eFile.com. Then download, print, and mail them to one of these 2018 IRS mailing address (es) listed here.

Individual Tax Changes. Tax rates: The new law lowers tax rates for individuals and adjusts the bracket amounts. For 2018 through 2025, the tax rates are 10%; 12%, 22%; 24%; 32%; 35% and 37%.

When do you have to file taxes for 2018?

Most individual taxpayers will not see the changes until it affects their paycheck tax withholding, likely in February. The reform affects taxes for the 2018 year and beyond, starting with tax returns that must be filed by April 2019. Tax rates: The new law lowers tax rates for individuals and adjusts the bracket amounts.

When does the TCJA go into effect for 2018?

Generally, the provisions in the TCJA take effect on January 1, 2018. Most of the provisions affecting individuals are temporary and “sunset” after 2025, while the majority of business provisions are permanent. Following is a rundown on some of the key changes for your clients.

What is the medical expense deduction for 2018?

For 2017 and 2018, the threshold for deducting medical expenses reverts to 7.5% of AGI, the threshold in effect prior the law prior to the Affordable Care Act (ACA). Casualty and theft losses: This itemized deduction is eliminated, but it is preserved, with certain modifications, for losses incurred in federal disaster areas.