Every year brings tax changes, and 2017 is no different. With the election of Donald Trump as President and the Republicans retaining control of the house and Senate, it is widely anticipated that Congress will take action on a number of tax cuts and reforms. If and when any action is taken on tax-related legislation, our online Tax Planning Guide will reflect the changes. We will also inform you through our regular Tax Updates and social media.
Apart from the new administration’s agenda, here are some of the highlights for 2017. For specifics, please consult the Tax Planning Guide:
- Most of the tax brackets are rising about 0.8% with the government inflation benchmarks. In addition, the standard deduction for heads of household will increase as will the estate tax exemption.
- Personal exemptions will remain the same as 2016.
- With the implementation of the Affordable Care Act in 2014, most individuals who do not carry health insurance will face a penalty.
- Unchanged in 2017 is the maximum amount workers can contribute to their 401(k) and individuals can contribute to their IRA.
Contact your Miller Cooper representative Lowering your taxes starts with proper planning. In addition, taking advantage of tax benefits can help you accomplish a wide range of financial goals. Both of these require the assistance of tax professionals.