Tax Changes For The 2017 Tax Year!

Standard Deductions for 2017

  • Single or Married Filing Separately          $6,350 (up $50 from 2016)
  • Married Filing Joint                                   $12,700 (up $100 from 2016)
  • Head of Household                                      $9,350 (up $50 from 2016)

Personal Exemption is $4,050 (same as 2016)

Mileage rates

  • 53.5 cents per mile for business (down .5 cents per mile from 2016)
  • 17 cents per mile for medical reasons and for moving (down 2 cents per mile from 2016)
  • 14 cents per mile for charitable (no change from 2016)

Tax Breaks That Expired in 2016 (Unless Congress Restores Them)

  • Forgiveness of Debt on homes
  • Tax Credit for energy efficiency
  • Private Mortgage Insurance