For 2017, the IRS is revising more than 50 tax provisions for both individuals and business taxpayers. Any changes or modifications made by the new administration may or may not be applicable to 2017 taxes. So for the time being, the following IRS revisions are effective for the 2017 tax year.
Standard Deduction – will increase from $12,600 to $12,700 for married couples and from $6,300 to $6,350 for single filers.
Alternative Minimum Tax (AMT) – the exemption amount will increase from $83,800 to $84,500 for married couples and from $53,900 to $54,300 for individuals.
Senior (65+) Medical Expense Deduction – the ability to deduct medical expenses will rise to 10% of AGI, up from 7.5% of AGI.
Mileage Expense – is falling from 54 cents per mile to 53.5 cents per mile for business miles & 17 cents per mile down from 19 cents per mile for medical & moving purposes....