As fall approaches, the election cycle seems to be putting a freeze on any new tax legislation. This is good news for 2017 tax planning. Included this month is estimated tax information for 2017 based upon the Consumer Price Index. There are also articles on recovering from identity theft and how to save money from long-time suppliers of services. Ideas for small businesses to deduct the cost of event tickets rounds out this month’s newsletter.
Preview of Some Key 2017 Tax Figures
While official numbers for 2017 are not yet released by the Internal Revenue Service (IRS), many figures are based on the Consumer Price Index (CPI) published by the Department of Labor. Using the release of recent CPI figures, a number of sources are projecting key figures for 2017.
Tax Brackets: While the actual income brackets for tax rates are not set for 2017, the rate of inflation impacting the income levels for each rate is anticipated to raise the income brackets by approximately 0.6 – 0.8%.
Personal Exemption: $4,050 in 2017 (unchanged from 2016)