Michael G. Margio, CPA, PA Certified Public Accountant Accounting & Taxes For Business & Personal
Michael G. Margio, CPA, PACertified Public Accountant Accounting & Taxes For Business & Personal

Tax Info & Links

 2017 TAX INFO  

Income

  • Qualified dividends are eligible for a lower tax bracket (0%, 15%, or 20%) depending on your income tax bracket.
  • Capital gains rate is 15%.   0%  if you use the lowest tax brackets.  20% if you are in the 39.6% bracket.
  • LLC's (single-member) are taxed as sole proprietors, unless an election is timely filed to be taxed as a corporation or a Sub-S corp.
  • LLC's (multi-member) are taxed as partnerships, unless an election is timely filed to be taxed as a corporation or a Sub-S corp.
  • New ObamaCare forms and rules must be filled out and complied with on all returns.

Expenses

  • Mileage rate for business use of vehicle is 53.5 cents.
  • Mileage rate for  charity use of vehicle is 14 cents.
  • Mileage rate for medical & moving use is 17 cents.
  • Sales tax deduction for itemizers available from IRS tables.
  • Additional sales tax deduction for large purchased items.
  • Travel per diem expenses are $282 for Hi-Cost areas and $189 for Lo-Cost areas after 9/30/2016.
  • Travel per diem expenses are $284 for Hi-Cost areas and $191 for Lo-Cost areas after 9/30/2017.
  • Standard deduction for married joint $12,700.  
  • Standard deduction for married separate $6,350.
  • Standard deduction for single $6,350.  
  • Standard deduction for head of household $9,350.
  • Personal exemption amount is  $4,050.

 

Credits

  • Don't forget to use the earned income credit.  Use Schedule EIC with your 1040. The earned income credit can range from $5 to as much as $6,269 depending on your individual situation.
  • Education credits available for college and post high-school tuition paid for education. 
  • American Opportunity credit is a max of $2,500 and the Lifetime learning credit is a max of $2,000.

 

Retirement

  • IRA deduction is $5,500.  IRA deduction is $6,500 for those 50 years & older.
  • Simple pension plan limit is $12,500 per employee.  Add'l $3,000 if 50 years & older.
  • 401(k) pension plan limit is $18,000 per employee.  Add'l $6,000 if 50 years & older.

 

Payroll taxes

  •  The self-employed rate is 15.3%.   This is for those who use Schedule C with 1040.
  • Employer & employee rates are 7.65% & 7.65% respectively.  Social Security wage base is $128,400 for 2017 & 2018.

 

 

 

Please check back for more info.  Please contact us if you need more info or need a consultation.

If you need a question answered please use contact page.

 

Links

 

   IRS Website                    www.irs.gov

   Florida Dept of Revenue   www.floridarevenue.com

   Florida Sunbiz                 http://dos.myflorida.com/sunbiz/

   Legal Forms                    http://freelegalforms.net/  

   Social Security Admin      https://www.ssa.gov/

   Osceola County Prop Appraiser    http://www.property-appraiser.org/

   Loan Amortization           https://www.calculator.net/loan-calculator.html

 

Contact Us Today!

Michael G. Margio, CPA, PA
600 N Thacker Ave Suite D33

Kissimmee,  Florida   34741


Phone: +1 407 847-8088+1 407 847-8088

E-mail: mgm1058@aol.com

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