It’s already December. Before long, it will be 2017, but we’ll all still accidentally write 2016. The start of a new year often brings tax changes, and with a new President in 2017, it is likely that there will be even more changes than usual. This article covers 2016 year-end update for individuals. What can we expect for next year?
Actually, most of the tax changes set for 2017 relate to businesses, and there aren’t that many for individuals. Most of the changes from 2016 simply relate either to amounts that have been indexed for inflation, or to tax benefits that are set to expire in 2016. We’ll cover some of the changes that may impact you for 2017 and beyond.