2016 Year in Review: Tax Highlights

As the LBA Haynes Strand staff gears up for tax season, we wanted to share a few highlights from the annual tax summary provided by Wolters Kluwer:

  • Overall, there are not a significant number of changes from 2016 to 2017 which will impact most of you.  However, political and tax experts are all anxiously awaiting the first days of President-Elect Trump’s to see how things kick off.
  • Tax season officially kicks off January 23, 2017.  We’ll all be here working hard to make sure you get your returns filed by April 18th.  By the way, did you notice that it’s a different day this year?  Here’s why.
  • Mileage reimbursements continue to slide slightly.  Business rates will be 53.5₵ and Medical/Moving rates will be 17₵
  • For 2017, the IRS announced a variety of inflation-adjusted tax amounts.  Some examples include, Standard Deduction for a Single Filer went from $6,300 in 2016 to $6,350 in 2017.  The one that I thought was interesting was the Social Security Wage Base.  In 2016, the base was $118,000 but in 2017 the base increased to $127,200

For more Highlights from this Report, please CLICK HERE!