The IRS just announced the new tax rate tables for tax year 2017 and the annual inflation adjustments. Deductions for married filing jointly increases by $100. And for single single taxpayers, married individuals and heads of the family, the deduction is increased by $50.
| Filing Status | Tax Deduction |
| Married filing jointly | $12,700 |
| Single taxpayers & married individuals filing separately | $6,350 |
| Heads of households | $9,350 |
The income limitation for itemized deductions of individual taxpayer starts with incomes of $287,650 or more and $313,800 for married couples filing jointly. On the other hand, the the exemption that every taxpayer can claim remains the same at $4,050. To see the changes in the tax table for 2017 click here.
Important: You should remember that these changes do not apply when you prepare your tax return in April 2017. The inflation adjustments and the new tax rate tables apply to tax year 2017, for filing in 2018.
Do you find this article informative? Learn more about tax filing tips and quick guides in our blog here