Tuesday, June 27, 2017

Tax Numbers for 2017 and 2016 – Part 2



The numbers for 2016 in the chart below apply to your 2016 returns, and the numbers for 2017 should be used in your 2017 tax planning.

                                                                        2017                        2016
Income (AGI) phase-out for personal
exemption and itemized deductions
* Single                                                            Starts at $261,500           Starts at $259,400
* Joint returns and surviving spouses              Starts at $313,800           Starts at $311,300
* Married filing separately                                Starts at $156,900           Starts at $155,650
* Head of household                                       Starts at $287,650           Starts at $285,350

Health savings account contribution limit
* Individual                                                                      $3,400                            $3,350
* Family                                                                            $6,750                            $6,750
* Additional for 55 & older                                              $1,000                            $1,000

Automobile standard mileage rate
* Business                                                                           53.5¢                                 54¢
* Medical/moving expense                                                    17¢                                 19¢
* Charitable work                                                                  14¢                                 14¢

Estate tax top rate                                                                40%                                40%
Estate tax exclusion                                                   $5,490,000                      $5,450,000
Annual gift tax exclusion (per donee)                              $14,000                          $14,000

Alternative minimum tax exemption
* Single                                                                           $54,300                          $53,900
* Married, joint                                                               $84,500                          $83,800
* Married, separate                                                          $42,250                          $41,900
Section 179 deduction limit                                      $     510,000                   $     500,000
Section 179 purchase limit                                       $  2,030,000                    $  2,010,000

Call us at (219) 769-3616 with your questions, or email them to tlynch@swartz-retson.com.

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