FAQs

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faq

  1. What are the Standard Deduction amounts for 2017?

    • Married Filing Joint / Qualifying Widow(er) - $12,700
    • Head of Household - $9,350
    • Single / Married Filing Separately - $6,350
  2. What is the Personal Exemption amount for 2017?

    • $4,050
  3. What is the maximum Section 179 deduction for 2017?

    • $500,000 - and the deduction is limited dollar for dollar for total fixed asset purchases over $200,000 (this figure is actually a little higher for 2017 due to inflation adjustment). 
  4. What is the bonus depreciation percentage for 2017?

    • 50% of qualified new assets. (In 2018 this decreases to 40% and in 2019 decreases to 30%.)
  5. What are the standard mileage rates for 2017?

    • Business - 53.5 cents per mile
    • Charitable - 14 cents per mile
    • Medical / Moving - 17 cents per mile
    • (see: Standard Mileage Rates)
  6. What is the gift tax exclusion for 2017?

    • $14,000
  7. Do I have to run my bonus checks to employees through payroll?

    • Yes, the IRS requires you to run all bonus checks through your payroll system. If you did not do this and are not sure what to do, give us a call, and we will help you fix it.
  8. How much earned income may I make in 2017 before I affect my social security payment amount?

    • All earned income below $16,920 will not affect your payment amount.
    • If you are under full retirement age, all earned income over $16,920 will reduce your social security benefit $1 for every $2 earned.
    • In the year you reach full retirement age, all earned income over $44,880 will reduce your social security benefit $1 for every $3.
    • After you reach full retirement age, your social security payments will not be reduced by your earned income, no matter how much money you make.
    • (see: Retirement Planner: Getting Benefits While Working)