The Tax Code requires that federal income tax brackets and certain other figures be adjusted for inflation annually. Wolters Kluwer has projected the 2018 standard deduction, tax bracket amounts and other inflation-adjusted tax figures based on the relevant inflation data just released by the U.S. Department of Labor (DOL).
Comment. These projections reflect current law. Tax reform legislation may change some of these amounts. Inflation-adjusted amounts, however, are expected to be built into any changes as well.
Key figures. Key projected inflation-adjusted tax amounts that have increased for 2018 include: