Tax Tips & Updates-February

File your tax return by April 17, 2018.

The due date is Tuesday, April 17, instead of April 15, because of the Emancipation Day holiday in the District of Columbia.

Personal exemption amount changes: Your personal exemption is now $4,050. But the amount is reduced if your adjusted gross income is more than: $156,900 if married filing separately, $261,500 if single, $287,650 if the head of house­hold or $313,800 if married filing jointly or qualifying widow(er).

Standard mileage rates have changed: The 2017 rate for business use of your vehicle has been reduced to 53.5 cents a mile. The 2017 rate for use of your vehicle to get medical care or to move has also been reduced. It is now 17 cents a mile.

Standard deduction: For the tax year 2017, the standard deduction has increased to $6,350 if single; $12,700 if married filing jointly or qualifying widow(er); $6,350 if married filing separate returns; and $9,350 if the head of household.

Check your refund status: You can check Where’s My Refund at IRS.gov (IRS.gov/refunds) after you file for a projected deposit date. Where’s My Refund and the IRS2Go phone app allow you to check the status of any refund.

Consult a tax professional: The information in this article was compiled from the IRS Publication “Your Federal Income Tax: For Individuals” on Jan. 17, 2018. There may be other changes that affect you this tax season. Please consult a tax account­ant or visit the links listed below for complete details on tax credits and deductions.

Learn More Here

www.irs.gov