Some tax benefits will increase in 2016
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.