We Keep You Up to Date

New Tax Laws for 2017

 We keep you informed of the most important changes:

Tax Brackets

The 2017 income tax brackets will continue to keep the 10%, 15%, 25%, 28%, 33%, 35% and 39.6% tax brackets in place from last year.

Standard Deduction

The standard deduction rises to $6,350 for single taxpayers and married taxpayers filing separately. The standard deduction is $12,700 for married couples filing jointly and $9,350 for heads of household.

Personal Exemptions

The personal exemption amount is $4,050 in 2017. Phase-outs for personal exemption amounts (sometimes called “PEP”) begin with adjusted gross incomes (AGI) of $258,250 for individuals and $309,900 for married couples filing jointly; the personal exemptions phase out completely at $380,750 for individual taxpayers ($432,400 for married couples filing jointly.)

Earned Income Tax Credit (EITC)

For 2017, the maximum EITC amount available is $3,400 for taxpayers with one child; $5,616  for two children; $6,318 for three or more children and $510 for no children.

Please schedule an appointment to learn more about important changes in tax law.

Child Tax Credit

Up to $1,000 for each qualifying child

Child & Dependent Care Credit

Nonrefundable Credit $3,000 max ($6,000 for 2+ kids)

Hope Sch. Credit

Refundable Credit $2,500 max

Lifetime Learning Credit

Up to $2,000 per return (Nonrefundable Credit)

Student Loan Interest Deduction

Up to $2,500

Business Mileage

53.5 cents per mile