Wow, it’s that time again. The 2017 tax rates have just been announced by the IRS.
The tables aren’t the actual tax you pay on gross income, but on taxable income which is gross less a number of items, including the personal exemption which remains at $4,050 in ’17 and the standard deduction which rises to single $6,350 or joint $12,700, with an additional $1,250 for aged or blind.
Also, note that the IRA and 401(k) deposit limits haven’t changed for 2017.
I’ll be referring back to this article over the next year whenever the tax table is part of the conversation. Check out the new rate table and start planning for 2017.