TAX TIPS & UPDATES

THERE HAVE BEEN MULTIPLE CHANGES MADE TO THE FEDERAL TAX CODE. HERE ARE JUST A FEW TO KEEP AN EYE OUT FOR WHEN FILING YOUR 2017 TAXES.

STANDARD MILEAGE RATES HAVE CHANGED:
The 2017 rate for business use of your
vehicle has been reduced to 53.5 cents a
mile. The 2017 rate for use of your vehicle
to get medical care or move has also been reduced. It is now 17 cents a mile.

STANDARD DEDUCTION:
For tax year 2017, the standard deduction
has increased to $6,350 if single; $12,700 if
married filing jointly or qualifying
widow(er); $6,350 if married filing separate
returns; and $9,350 if head of household.

DUE DATE OF RETURN: 
April 17, 2018. It is Tuesday the 17th rather
than the 15th this year because of the
Emancipation Day holiday in the District
of Columbia.

PERSONAL EXEMPTION AMOUNT:
Your personal exemption is now $4,050.
The amount is reduced if you adjusted
gross income is more than: $156,900 if
married filing separately, $261,500 if single,
$287,650 if head of household, or $313,800
if married filing jointly or qualifying
widow(er).

CHECK YOUR REFUND STATUS:
You can check “Where’s My Refund” at
IRS.gov (IRS.gov/refunds) after you file for
a projected deposit date. Where’s My
Refund and the IRS2Go phone app allow
you to check the status of any refund.

CONSULT YOUR TAX PROFESSIONAL:
The information in this article was
compiled from the IRS Publication “Your
Federal Income Tax: For Individuals” on
Jan. 17, 2018. There may be other changes
that affect you this tax season. Please
consult a tax accountant or visit the IRS
website at the links listed below for
complete details on tax credits and
deductions.
www.irs.gov/pub/irs-pdf/p17.pdf and
www.irs.gov