Standard Deduction The standard deduction for married filing jointly rises to $12,700 for tax year 2017, up $100 from the prior year. For single taxpayers and married individuals filing separately, the standard deduction rises to $6,350 in 2017, up from $6,300 in 2016, and for heads of households, the standard deduction will be $9,350 for…
For many businesses, January means preparing the previous year’s documents, invoices and receipts for tax filing. It’s important to understand any tax changes that may impact your business this year. As a new administration transitions into the White House, the potential for volatility in the realm of tax policy is high. Deadline Changes First and…
The Internal Revenue Service recently issued the 2017 optional standard mileage rates, which are used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning January 1, 2017 standard mileage rates for the use of cars, vans, pickup trucks, or panel trucks will lower to 53.5 cents per…
