Tax provisions that were eliminated

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Personal exemption deductions are suspended. Phase-out of itemized deductions based on adjusted gross income (AGI) is suspended Itemized deduction for home equity interest (other than acquisition debt) is no longer allowed. Itemized deduction for miscellaneous itemized deductions subject to the 2% floor is no longer allowed. Examples include investment expenses unreimbursed employee business expenses and […]

2018 Individual income tax brackets

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Single MFJ or QW $0 to $9,525 10% $0 to $19,050 10% $9,526 to $38,700 12% $19,051 to $77,400 12% $38,701 to $82,500 22% $77,401 to $165,000 22% $82,501 to $157,500 24% $165,001 to $315,000 24% $157,501 to $200,000 32% $315,001 to $400,000 32% $200,001 to $500,000 35% $400,001 to $600,000 35% $500,001 and over […]

2017 IRS Tax Brackets

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Estimated Income Tax Brackets and Rates In 2017, the income limits for all tax brackets and all filers will be adjusted for inflation and will be as follows (Table 1). The top marginal income tax rate of 39.6 percent will hit taxpayers with taxable income of $418,400 and higher for single filers and $470,700 and […]

2017 IRS Tax Brackets

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Key Changes to the Tax Rate: Standard Deduction – Increased slightly to the following  Single 6,350 Joint and Surviving Spouse 12,700 Married Separate 6,350 Head of Household 9,350 Gift Tax – Remains the same at $14,000 For the tax year 2017, the 28 percent AMT tax rate applies to taxpayers with taxable incomes above $187,800 ($93,900 […]

Penalty for the Uninsured

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Under the Affordable Care Act, also known as Obamacare, individuals who choose not to get health insurance through government exchanges, on their own or via their employers have to pay an additional tax. If you do not have health insurance coverage in 2017, you’ll have to pay the higher of these two amounts: 2.5 percent […]

2017 Tax Filing Date

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The filing deadline to submit 2016 tax returns was Tuesday, April 18, 2017, rather than the traditional April 15 date. In 2017, April 15 falls on a Saturday, and this would usually move the filing deadline to the following Monday — April 17. However, Emancipation Day — a legal holiday in the District of Columbia […]