The Tax Cuts and Jobs Act (TCJA)  increased standard deduction allowances.

• Those who are married and filing jointly will have an increased standard deduction of $24,000, up from the $13,000 it would have been under previous law.
• Single taxpayers and those who are married and file separately now have a $12,000 standard deduction, up from the $6,500 it would have been for this year prior to the reform.
• For heads of households, the deduction will be $18,000, up from $9,550.

Top Income Tax Rate

• A new 37 percent top rate will affect individuals with incomes of $500,000 and higher.
• The top rate kicks in for married taxpayers who file jointly at $600,000 and up.
• Other tax brackets are also changed by the new tax law.

Estate Tax

• The estate exemption doubles to $11.2 million per individual and $22.4 million per couple in 2018.

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Richard K. Abraham, Esquire

Mr. Abraham is an experienced attorney and founding member of the Law Office of Richard K. Abraham. The Sparks, MD office of the firm concentrates its practice in Estate Planning, Elder Law, Probate, Medical Assistance (Medicaid), Guardianship, Asset Preservation and Fiduciary Representation.

He is an active member in a number of professional organizations that focus on law, the senior community, and estate planning. He works with clients in Central Maryland, especially in Towson, Hunt Valley, Lutherville/Timonium, Parkville, White Marsh, Bel Air & Northern Baltimore City.

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