J.K. Lasser's Small Business Taxes 2018

APPENDIX DList of Dollar Limits and Amounts Adjusted for Inflation

1. Items Adjusted Annually for Inflation
2. Items Fixed by the Tax Code
3. Items Set by the IRS

Alert

At the time this book was completed, Congress was considering important tax changes that could affect 2017 tax returns and planning for 2018. Check the online Supplement in February 2018 at www.jklasser.com or www.barbaraweltman.com to see what changes have been enacted and when they are effective.

Taxes are a moving target because many dollar limits and percentages change annually due to increases in inflation. However, some limits and amounts are fixed in the Tax Code and cannot be changed without an act of Congress. Still others are set by the IRS for administrative convenience and are not adjusted annually but could change at the IRS's whim. To help you plan ahead and to figure estimated taxes for 2018, where necessary, lists of items that may or may not change for the next tax year follow. The adjustments for 2018 are listed in the Supplement to the extent that these were available by February 2018.

Items Adjusted Annually for Inflation

• 401(k) plans— the annual contribution limit through salary reductions as well as the additional contribution limit for those age 50 and older by year end.
• Adoption assistance— excludable employer-provided adoption assistance for employees ($13,570 for 2017).
• Archer medical savings accounts (MSAs)—the dollar limit on contributions for plans established before 2008. ...