Each year, the IRS announces inflation adjustments for more than 50 tax provisions. Knowing these numbers can help with your year-end tax planning.
Changes for 2016 (for the tax returns you’ll file in early 2017) include:
- An increased standard deduction when you file as head of household ($9,300 for 2016).
- The standard deduction amounts remain the same as they were for 2015 when you’re single or married filing separate ($6,300), or married filing jointly ($12,600).
Please call us about other inflation adjustments.