- The phase-out for traditional and Roth IRAs will both rise by $1,000 in 2017 for single taxpayers ($2,000 for married couples filing jointly).
- Exemption amounts for the Alternative Minimum Tax rise to $54,300 for individual filers and $84,500 for married couples filing jointly.
- For seniors who claim medical expenses, a deduction is going away in 2017. In order any taxpayer to claim a deduction for medical expenses when itemizing, the IRS says your qualified medical expenses must be greater than 10% of your adjusted gross income (AGI). An exception to this rule allowed seniors to deduct medical expenses over 7.5% of income, but that ended with the 2016 tax year.
These are just some of the tax changes – there are also changes to tax credit timing, Obamacare items, Medical Savings Accounts, etc.
It just might be a good year to consult a CPA; we know some we can recommend.
All kidding aside, if you need some help, as usual, we stand at the ready to offer that help. Our CPAs and accountants are always up-to-date on changes in the tax code, and will do everything they can to legally reduce your tax burden.
That’s all we’re saying – it’s hard to keep with all the changes in the tax code, but not for us, because, you know, this is our job. And we love what we do.
