The IRS has announced its annual cost-of-living and inflation adjustments for 2017, offering a bump that is much more modest than the increase in wages subject to Social Security. Tax laws require the IRS to adjust the dollar amounts of dozens of tax provisions each year to account for inflation, many of which are important for tax planning, including:
- Retirement plan contribution limits
- IRA income limits
- Pension plan limits
- Annual gift tax exclusion
- Lifetime gift and estate tax exemption
- AMT exclusions
- Income tax brackets
- Information return penalties
Download our Tax Flash 2016-13 for the new tax tables and information on other adjustments to tax items important to individuals and businesses.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
