With the New Year come new tax laws. For most taxpayers with modified adjusted gross incomes (MAGI) under $200,000 (single) and $250,000 for married couples filing jointly, income-tax rates won’t increase and most tax-relief provisions remain in effect. Here is a summary of major tax provisions that could impact you and your family.
1. Tax rates. Higher income tax, ordinary-dividend tax, and capital tax rates are in effect for 2017 for higher-income taxpayers. The 39.6-percent tax rate applies to income over a specified amount: $418,400 for single filers, $470,700 for married filers. These dollar amounts are inflation-adjusted for the 2017 tax year. The old rates ranging from 10 percent to 35 percent remain in effect for lower-income brackets.
This item is available in full to subscribers.
We have recently launched a new and improved website. To continue reading, you will need to either log into your subscriber account, or purchase a new subscription.
If you have an active digital subscription, then you already have an account here. Just reset your password, if you've not yet logged in to your account on this new site.
If you are a current print-only subscriber, and want access to our website,click here to view your options for changing you subscription level.
Otherwise, click here to view your options for subscribing.
Please log in to continue |
