INCOME TAX FILING 2017
1. The standard deduction for 2017 is $12,700 for married persons filing jointly and qualifying widows/widowers, $9,350 for heads of household or $6,350 for single taxpayers or married persons filing separately.
2. In 2017, You are required to have minimum essential health coverage through an employer plan, a government program, or other plan, or pay a penalty, unless you are exempt from this requirement.
3. For 2017, the contribution limit for traditional IRAs and Roth IRAs is $5,500, or $6,500 for those age 50 or older.
4. 2017 IRS Mileage Allowance, The IRS standard business mileage rate for 2017 is 53.5 cents a mile. For Charitable Work, the mileage rate is Unchanged at 14 cents a mile.
2017 & 2016 Tax Updates San Diego California
INCOME TAX FILING 2016
1. The standard deduction for 2016 is $12,600 for married persons filing jointly or qualifying widow(er)s, $9,300 for heads of households, or $6,300 for single taxpayers or married filing separately.
2. There are new tax filing deadlines effective for 2016 tax returns. Small businesses that are organized as a partnership or limited liability companies filing Form 1065 must file their tax return on or before March 15, 2017. This moves the required filing date up one month versus last year. Year-end C Corporations filing is a month later. The old filing date of March 15th is now moved to April 15th. Annual reporting of foreign bank accounts moves from June 30th to April 15th. This is FBAR Form 114.
3. The IRS standard business mileage rate for 2016 is 54.00 cents a mile.
2015 & 2014 Tax Updates San Diego California
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