2017 Income Tax Update

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Income Tax Update The American Taxpayer Relief Act of 2012 (ATRA), which was enacted in 2013, made many tax changes affecting 2014 and later years.  ATRA put some new taxes and tax deduction phaseouts on the books.  Some of these that will impact tax returns for 2017 and later years are: 6% tax bracket 20% capital gains tax rate for higher income taxpayers 9% additional Medicare tax on higher earned income taxpayers 8% tax on net investment income for higher income taxpayers Phaseout limits for itemized deductions and personal exemptions Medical ...

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  • December 21, 2016