Prepare Income Taxes
*Turbo Tax 2016 - 2017* Online Tax Preparation Software
The Best Tax Software Reviews & Resources For Your Tax Preparation and Filing Needs
TurboTax 2017 Online Tax Preparation
With TurboTax 2017 you'll be ready for 2017 tax return law modifications to come.
2017 Federal Income Tax Filing Deadline
The tax filing deadline is extended to Tuesday April 17, 2017 since the 15th falls on a weekend. Information on this page applies to changes effective in 2017, which then is applied to a taxpayer's tax return in 2017.
Turbo Tax 2017 and Tax Changes
Credit for Residential Energy-Efficient Property Improvements. Geter-done-now...
Energy savers beware, the 30 percent credit for the
cost of installing solar water heating equipment,
geothermal heat pumps, wind turbines, and photovoltaic
or fuel cell equipment in your primary residence or
second home will change for the 2017 tax year.
Solar Heating Credit
Coming up in the tax law changes for 2017 is a reduction for 30% tax credit for businesses for the cost of solar heating units and fuel cells which falls to 10% for those that install these energy efficient components after 2017.
TurboTax 2017 Software will be ready to ensure you get the 30 percent credit for of the cost of installing these energy efficient products in you primary or secondary residence if installed before 2017.
2017 Social Security and Medicare
Of a larger issue, projected growth in Social Security, Medicare, and Medicaid spending as a percent of GDP between 2007 and 2017 continues to put pressure on the budget. All while challenging developers of TurboTax 2017 Software Editions.
As in the past, all wages earned in a given year are taxed at a 1.45% rate for Medicare. Now wages paid in excess of $200,000 for Unmarried filers and in excess of $250,000 for Married filers are subject to an extra 0.9% tax.
Social Security tax remains at 6.20%, and wage limit, or Social Security maximum, remains at $118,500. The Cost of Living Adjustment (COLA) was 0.0% in 2017, maintaining the SSI limit at $2,663 per month
Revenue needed with respect to Social Security stems from money owed by the federal government to the Trust Fund, which will have to be paid from general revenues (primarily income taxes). Dedicated revenues to the Social Security Trust Fund should keep it solvent for another 30 years or so.
With all factors in place it's clear to see that health care will be the main budget factors for many years to come. TurboTax 2017 Tax Preparation Software as always, will play a big roll in keeping your fees down and ensuring you get all the benefits and credits possible.
Income Tax Rates For 2017
For income earned in 2017, taxable incomes above the following thresholds will now fall within the 39.6% tax bracket on your tax return filed in 2017
- Married Filing Separately ($233,475)
- Unmarried Individuals ($415,050)
- Head of Household ($441,000)
- Married Filing Joint Returns ($466,950)
IRS reports show that approximately two out of every three taxpayers claim the standard deduction on their tax returns. The standard deductions for the upcoming tax season are:
- Single (Unmarried Individuals): $6,300 (no change)
- Married Filing Separately: $6,300 (no change)
- Head of Household: $9,300 (an increase of $50)
- Married Filing Jointly and Qualifying Widow(er): $12,600 (no change)