Deductible IRA limits go up For taxpayers trying to build up retirement stakes. Luxury tax won't sting so much For taxpayers who buy expensive cars and boats. Student Loan deduction is higher For students and parents of students. Higher automobile mileage expense rate For taxpayers who use their vehicles as part of their jobs. The standard deduction goes up For taxpayers who don't plan to itemize their deductions.
Personal exemption rises For all taxpayers.
Section 179 limit increased For taxpayers who buy depreciable business assets. Higher reporting level for household workers For taxpayers who hire household help.