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 deductions to be claimed on tax year 2018 returns of individuals begins with incomes of $266,700 or more ($320,000 for married couples filing jointly).

For tax year 2018, the adjusted gross income amount used by joint filers to determine the reduction in the Lifetime Learning Credit is $114,000.

The annual tax exclusion for gifts increased to $15,000.

You can read the full IRS announcement here.