2018 is not over yet, and we have not even filed our returns under the new tax laws, but there are changes for 2019 for you to pay attention to.
The standard deduction for 2019 has been increased by $200 per tax filer.
Head of household filers will get an increase of $350.
401(k) and 403(b) contribution limits have been increased by $500, with the $6000 over age 50 additional contribution amount remaining the same.
The individual mandate penalty for not having qualifying health insurance will go away.
The lifetime gift and estate tax exclusion has been changed to $11.4 million vs. the current exclusion of $5.49 million.
While you are preparing for your 2018 tax return, keep in mind that 2019 will bring more benefits.