Weismann & Company, P.C.
© 2012 Weismann & Company
(972) 404-0608
13601 Preston Rd
Suite 106W
Dallas, TX 75240
Changes for 2017


Auto Mileage Rates

For 2017:
53.5 cents per mile for business
17.0 cents per mile for medical or moving
14.0 cents per mile for charitable

Social Security

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

Capital Gains

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