We Keep You Up to Date
New Tax Laws for 2017
We keep you informed of the most important changes:
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.
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.
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
53.5 cents per mile