The IRS announced the following 2018 tax year inflation adjustments: The standard deduction for married filing jointly will rise to $13,000 for tax year 2018. The standard deduction for single taxpayers and married individuals filing separately, will rise to $6,500 in 2018. The standard deduction for heads of households will rise to $9,550. The personal exemption for tax year 2018 rises to $4,150. This exemption is subject to a phase-out that begins with adjusted gross incomes of $266,700 ($320,000 for married couples filing jointly). It phases out completely at $389,200 ($442,500 for married couples filing jointly.) The limitation for itemized
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