CHANGES FROM 2016 TO 2017 TAX YEARS

By sgtservicesCHANGES FROM 2016 TO 2017 TAX YEARS

2017 Tax Changes

The standard deduction in 2017 for single taxpayers and married couples filing separately is $6,350 which is up from $6,300 in 2016.
The standard deduction for married couples filing jointly is $12,700, up $100 from the 2016 tax year.
The standard deduction for heads of household is $9,350 for 2017, a 50 increase from $9,300 from the 2016 tax year.
For 2017, the additional standard deduction amount for the aged or the blind is $1,250. The additional standard deduction amount is increased to $1,550 if the individual is also unmarried and not a surviving spouse.
Single individuals pay 37% only on income above $500,000 and above $600,000 for married filing jointly for 2017 tax year and the lower tax rates are levied at the income brackets below this amount meanwhile in the 2016 tax year, single individuals pay 39.6% only on income above $415,050 and above $466,950 for married filing jointly and the lower tax rates are levied at the income brackets below that amount.
The personal exemption amount for 2017 is $4,050 which is the same as that of 2016. However, this exemption is subject to a phase-out that begins with adjusted gross incomes of $261,500 and $313,800 for married couples that are filing jointly. It phases out completely at $384,000 and $436,300 for married couples filing jointly.
Taxpayers who are over the age of 65 could use the 7.5% floor in 2016 tax year and in 2017, the favored tax rate disappears and all taxpayers are subject to the 10% floor.
Foreign Earned Income Exclusion. For tax year 2017, the foreign earned income exclusion is $102,100, up from $101,300 for tax year 2016.
The gift tax exclusion will remain at $14,000 from 2016 tax year to 2017 tax year.
In 2017, Individual filers will receive a standard deduction of $6,350 and heads of household will receive a standard deduction of $9,350 which is an increase of $50 from 2016. Couples filing jointly get a $100 year-over-year lift to $12,700 in 2017.

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