TAX NEWS

Key 2017 Exemptions and Deductions

Personal Exemptions –
The personal exemption for each qualifying dependent is increased to $4050.

Standard Deductions -
The new standard deductions for those who do not itemize are as follows:

Married Filing Jointly - $12,700
Single - $6,350
Head of Household - $9,350
Married Filing Separately - $6,350

If 65 or over and/or blind add:
Single/
Head of Household - $1,550
Married/
Surviving Spouse - $1,250

Standard Mileage Rates -
The standard mileage rates for 2017 are:

Mileage

1/1-12/31                                      
Business Travel  - $0.535                       
Charitable Work - $0.14                       
Medical/Moving  - $0.17               

If you have any questions about the tax changed for 2018 please call the office. (623) 580-1957.      

2017 Tax Rates

The Income Tax Brackets for each tax rate are:

Single                                Married Jointly                           Head of Household                       Tax Rate
$1-9325                                 $1-18650                               $1-13350                                     10%
9326-37950                      18651-75900                               13351-50800                               15%
37951-91900                    75901-153100                               50801-131200                           25%
91901-191650                   153101-233350                           130201-212500                           28%
191651-416700                 233351-416700                              212501-416700                       33%
416701-418400                 416701-470700                              416701-444550                       35%
Over 418400                     Over 470700                                   Over 444550                         39.6%

www.doubledtax.com
623-580-1957
800-959-8016


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