Changes for 2017
Auto Mileage Rates
53.5 cents per mile for business
17.0 cents per mile for medical or moving
14.0 cents per mile for charitable
For 2017 social security taxable wage limit increases to $127,200.
Annual Gift Tax Exemption
For 2017 the annual gift exemption is $14,000 per individual.
Federal Estate Tax
For 2017 the estate tax exemption is $5,490,000 per person.
Business Asset Expensing
For 2017 the expensing limits are $500,000/$2,000,000
Tax Rate of 39.6% If Taxable Income Is
$470,700 for married taxpayers'
$418,400 for single taxpayers'
$444,550for head of household
If taxpayer in marginal rate of 39.6% capital gains rate is 20%.
Retirement Plan Contributions for 2017
Traditional IRA $5,500 ( $6,500 if 50 or older)
Roth IRA $5,500 ( $6,500 if 50 or older)
SEP Plans lesser of 25% of compensation or $54,000