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Ask A CPA - 2016 Tax Law Changes

2016-2017 Standard Deduction

The standard deduction for married filing jointly rises to $12,700 for tax year 2017, up $100 from 2016. For single taxpayers and married individuals filing separately, the standard deduction rises to $6,350 in 2017, up from $6,300 in 2016, and for heads of households, the standard deduction will be $9,350 for tax year 2017, up from $9,300 for tax year 2016. In 2015, the standard deduction rose to $6,300 for singles and married persons filing separate returns and $12,600 for married couples filing jointly, up from $6,200 and $12,400, respectively, for tax year 2014. In 2015, the standard deduction for heads of household rose to $9,250, up from $9,100.

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