March 27, 2020

Please reload

Recent Posts

The Breakdown of Congress' COVID-19 Emergency Relief Acts

March 31, 2020

1/10
Please reload

Featured Posts

Annual Inflation Adjustments for 2016 Tax Returns

October 24, 2016

 

 

 

 

 

  • Personal Exemption, increases from $4,000 to $4,050.

  • Standard Deduction remains the same for all filing statuses except Head of Household, which increase from $9,250 to $9,300.

  • Adoption credit increases from $13,400 to $13,460.

  • The AMT exemption is $83,800 for married couples filing joint returns and $53,900 for both single and head of household filers.

  • Unified credit against the estate tax increases from $5.43 million to $5.45 million; however, the gift tax exclusion remains the same at $14,000.

  • The annual cap on deductible contributions to HSA’s rises to $6,750 for account owners with family coverage. The ceiling for self-only coverage remains at $3,350.

  • The standard mileage rate for business miles decreases to $.54 a mile. The allowance for travel for medical purposes and job-related moves falls to $.19 a mile, but the rate for charitable miles remains at $.14 per mile.

Please reload

Follow Us
Please reload

Search By Tags