Is there any tax deductions for me and my wife? Has that been removed this year?

[MichaelMc · Accepted solution]

No, the personal exemptions for taxpayer, spouse, and each dependent no longer exist, at least through 2025.

As a result of the Tax Cuts and Jobs Act of 2017, the Standard Deduction has been substantially increased, relieving millions of taxpayers of the burden of itemizing deductions to obtain their best refund or pay the lowest possible tax.

For 2018, the increased Standard Deduction amounts for all filers are:

• Single or Married filing separately—$12,000.

• Married filing jointly or Qualifying widow(er)—$24,000.

• Head of household—$18,000.

Please be aware that this increase in the Standard Deduction is accompanied by the suspension, for tax years from 2018 to 2025, of the Personal Exemption, which in 2017 was $4,050 for the taxpayer, spouse, and each dependent.