As the year draws to a close, many taxpayers are wondering what changes have been made to the 2017 tax tables. With the passage of the Tax Cuts and Jobs Act in December 2017, significant revisions have been made to the U.S. tax system, particularly when it comes to individual income taxes. Understanding the new tax tables can ensure taxpayers are properly filing their taxes for the 2017 tax year and claiming all the deductions they’re entitled to.
The 2017 tax tables reflect the new lower income tax rates, revised deduction amounts and other changes made by the Tax Cuts and Jobs Act. Taxpayers will see significantly lower taxes due to the new law, but it’s important to understand how the new tax tables affect your return. For example, the standard deduction has nearly doubled, meaning most taxpayers will no longer need to itemize deductions. This could result in lower tax bills for many taxpayers.
In addition to the new income tax rates, the 2017 tax tables also reflect changes to the Earned Income Tax Credit (EITC). The EITC is a refundable tax credit designed to help low-income working individuals and families. The new law expands the credit, making it available to more taxpayers. To qualify for the EITC, taxpayers must fall within certain income limits, which depend on the number of qualifying children. The 2017 tax tables provide an overview of these limits, so taxpayers can determine if they are eligible for the credit.
The 2017 tax tables also reflect changes to the child and dependent care credit, which is designed to help reduce the cost of childcare for working parents. The new law increases the maximum credit amount from $3,000 to $6,000 and expands eligibility for the credit. The 2017 tax tables provide an overview of the income limits for the credit, so taxpayers can determine if they are eligible.
Finally, the 2017 tax tables also reflect changes to the Alternative Minimum Tax (AMT). The new law raises the exemption amount for the AMT, which means fewer taxpayers will be subject to the tax. The 2017 tax tables provide an overview of the AMT exemption limits, so taxpayers can determine if they are subject to the tax.
Understanding the 2017 tax tables can help taxpayers make sure they are taking advantage of all the deductions and credits they’re entitled to. By familiarizing yourself with the new tax tables, you can ensure you’re filing your taxes accurately and minimizing your tax liability.
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