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H&R Block 2017

The software development team at H&R Block has been busy programming away to improve enhanced features in their H&R Block 2017 tax software lineup.

The HR Block 2017 tax preparation software takes on a whole new role to simplify your filing process as it calculates your entries and instantly compares different tax scenarios to choose the best path for your maximum refund. Quickly within seconds you can evaluate all of your tax choices to ensure your making the best decision.

H&R Block Online Tax Preparation Editions >>

Using HR Block 2017 At Home [ Formally TaxCut ] online or downloadable tax software to prepare your return reduces the likelihood of a mistake since all calculations are automatically double checked. In fact, top online tax programs like H&R Block give you a guarantee of getting you the maximum refund possible for your personal tax situation by thoroughly maximizing your deductions to reduce tax liability.

With the economy still in a rut, the worst could still be in front of us. Today there is a wide range of tax changes that deal with credits, deductions, and tax rate changes that you should be aware of. H&R Block 2017 is an ideal product to help you better understand tax law changes that are coming. Some of these changes may not be assured, but on the whole taxes are going to be higher due to our national deficit and the incredibly poor job our politicians have done to manage our economy. Know how to plan ahead to lower your income tax liabilities.

Some of the tax law changes covered in HR Block 2017 Editions:

This is an overview for tentative tax law change purposes and may be subject to changes on or before the end of the year. Many facets of the new tax laws may be revised prior to 2017.

Exemption Values

In 2017 for each exemption claimed, the amount deducted on a federal income tax return for 2016 income is $4,050, which is an increase of $50 from the 2015 amount.

2017 Social Security and Medicare

Medicare taxes as in the past will be based on wages earned in a given year and are taxed at the 1.45% rate. However, when preparing your tax return by April 2017, new Medicare taxes will be applied to wages earned in excess of $200,000 for Unmarried filers and in excess of $250,000 for Married filers at a rate of 0.9%.

The Cost of Living Adjustment (COLA) was 0.0% in 2016, maintaining the SSI limit at $2,663 per month. Social Security tax remains at 6.20%, while the wage limit, or Social Security maximum, also remains at $118,500.

2017 Capital Gains Taxes

ATRA made several important changes to the treatment of capital gains, and eliminated sunset provisions, which has added stability and permanence to these rules:

  • Qualified Dividends: income received shall be taxed at the same rate as long-term capital gains.
    • Income Thresholds:
  • individuals in the 10% and 15% tax brackets will pay 0% on eligible dividends as well as most capital gains.
    • Tax Rate:
  • individuals falling within the 25%, 33%, and 35% federal income tax brackets will pay 15% on capital gains, while taxpayers falling within the 39.6% bracket will pay 20%.

A new 3.8% Medicare surcharge tax on investment income is now added under certain incomes; thereby increasing the effective rate on capital gains to 23.8% (20% + 3.8%) This will apply to:

  • Unmarried individuals (Single) with income over $200,000
  • Married couples filing jointly with income over $250,000

2017 Unified Credits, Gift Tax & Estate Tax

ATRA has also increased the estate and gift tax rate from 35 to 40%. The gift tax and estate tax exclusion continues to be indexed for inflation and remains at $14,000 (the same as 2015 and 2014) and increase to $5.45 million respectively for 2016.

2017 Standard Tax Deductions

The IRS states that approximately two out of every three taxpayers claim the standard deduction. For 2016, there is virtually no change to standard deductions from prior levels applied to your tax return in 2017, including:

  • Single (Unmarried Individuals): $6,300 (no change
  • Married Filing Separately: $6,300 (no change)
  • Head of Household: $9,300 (an increase of $50)
  • Married Taxpayers Filing Jointly and Qualifying Widow(er)s: $12,600 (no change)

Tax law changes will effect most us, but the H&R Block 2017 tax software editions are set to make sure you get every deduction possible as they guarantee you your biggest refund possible.

H&R Block 2017 gives you the most options of any tax preparation brand:

You can file using online tax preparation, buy their software or download it to your desktop, or visit one of their local offices all over the US and have your taxes prepared by one of their income tax professionals. Whichever you choose you'll find that their exceptional guidance and extra attention to individual support makes this brand a top rated choice for your tax preparation this year.

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