2016 Tax Information
7 brackets: 10%, 15%, 25%, 28%, 33%, 35%, and 39.6%. The tax you owe depends on your income level and filing status. The personal exemption amount is $4,050 ($4,000 in 2015). Standard Deductions:
Married Filing Jointly $12,600
Married Filing Separately $6,300
Head of Household $9,300
Qualifying Widow(er) $12,600
There is an additional standard deduction for elderly or blind taxpayers, which is $1,250 for tax year 2016. The additional standard deduction amount increases to $1,550 if the individual is also unmarried and not a qualifying widow(er).
Jen Kritch is an Enrolled Agent (EA). What is an EA? An EA is a person who has passed a three-part comprehensive IRS examination covering individual and business tax returns. EA status is the highest credential the IRS awards. Individuals who obtain this elite status must complete 72 hours of continuing education courses every three years. In other words, EA’s are tax code junkies on steroids that are the only federally licensed tax practitioners who specialize in taxation and have unlimited rights to represent taxpayers before the IRS.
We are a family owned and operated accounting and tax firm located in west Tampa, FL. We provide a full range of accounting and tax services including corporate, partnership, and individual tax returns, financial statements, full and after-the-fact payroll, sales tax, and payroll tax processing. We pride ourselves on providing personal attention and treating our clients as family.
New 2017 Standard Mileage Rate
Beginning on Jan. 1, 2017, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
Proposed Tax Changes Under Trump
Tax brackets from 7 to 3: