Tax Service reported tax rates for 2017 year

Photo: depositphotos

The US Federal Tax Service (IRS) announced annual adjustments to a number of regulations for the 2017 year, including a schedule of tax rates, tax tables, and an adjustment to the cost of living for certain tax items.

If you do not expect any significant changes in your lifestyle, you can use the updated tax tables to estimate the amount of tax. However, if you expect to make more money, get married, buy a house, give birth to a child, or other changes in life occur, you need to consider amending tax payments.

Lonely taxpayer

Persons who are married and file a tax return with their spouse

Head of household

Married and filed a tax return separately from the spouse (spouse)

The standard individual income tax exemption amount for single taxpayers and married couples filing separately is $6 in 350 (2017 was $2016); For married couples filing jointly, the standard deduction is $6, an increase of $300 from the previous year; and for heads of household, the standard deduction is $12 for 700, up from $100 in 9.

The numbers are as follows:

In 2017, the additional standard amount of income not subject to personal income tax for the elderly and blind is $ 1 250. This amount increases to $ 1 550 if the individual is not married or is married or widowed.

The standard amount of income not subject to individual income tax for a taxpayer who depends on another taxpayer may not exceed (a) $ 1 050 or (b) $ 350.

For those taxpayers who use individual tax deductions, the restrictions of Pisa (named for the former congressman from Republicans Don Pisa) can be applied to taxpayers with high income.

The limitations of Pisa to 2017 year are:

Pisa's restrictions apply to charitable donations, mortgage interest deductions, state and local tax deductions, and other detailed deductions. But they do not cover medical expenses, investments, losses, as well as theft and loss due to accidents.

The following are also deductions for the Alternative Alternative Minimum Tax Exemption adjusted for inflation:

Previously ForumDaily talked about how to pay taxes in the US if you work for yourself.

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