IRS Announces 2017 Tax Rates, Standard Deductions, Exemption Amounts And More
The Internal Revenue Service (IRS) has announced the annual inflation adjustments for a number of provisions for the year 2017, including tax rate schedules, tax tables, and cost-of-living adjustments for certain tax items.
These are the applicable numbers effective January 1, 2017. These numbers and tax rates will be used to prepare your 2017 tax returns in 2018. The updated tax tables can be used to to estimate the liability for the 2017 tax year. If, however, if one is expecting to make more money, get married, buy a house, have a baby or other life change, they will want to consider adjusting the withholding or tweaking their estimated tax payments. Source.