Tax Law Updates for 2017

  • The standard deduction in 2017 is $6,350/$12,700 (single/married)
  • The personal exemption is $4,050
  • IRA Contribution limit $5,500
  • Simple IRA Contribution limit $12,500
  • 401K Contribution limit $18,000
  • Business mileage rate is 53.5¢ per mile (down from 54¢ in 2016)
  • Mileage driven for medical or moving purposes is 17¢ per mile (down from 19¢ in 2016)
  • Mileage driven in service for Charitable Organizations is 14¢

Visit the FAQ page for more information or contact us with any questions.