Taxes are ever changing, and often it’s hard to keep up with what’s new and what no longer applies.
Here are some changes to look out for:
- Late refunds- An act passed in 2015 says that the IRS cannot send out refunds until February 15th when the Earned Income Tax Credit or the additional child tax credit is claimed on the return.
- Deductions for Senior Medical Expenses- to claim a deduction for medical expenses, the expenses must be greater than 10% of your adjusted gross income.
- Threshold adjustments - phase out for Traditional and Roth IRA’s will both rise $1000 in 2017 for single tax payers ($2000 for couples filing jointly).
- Exemption amounts for the Alternative Minimum Tax rise to $54,300 for individual filers and $84,500 for married couples filing jointly who claim three or more qualifying children.
Tax specialist in Belleville and the surrounding areas
Contact Amador Accounting today! Lisa Amador is the best tax specialist in Belleville, Ann Arbor, Ypsilanti, Saline, Canton and the surrounding areas. If you have a problem and need a solution, Lisa Amador can help you get organized and provide immense value to your business. (734) 330- 0907
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