The Medford Tax Experts, Inc.

425 High Street, Medford, MA 02155

What we mean when we say "Relax and let an expert do your tax" is that taxpayers are trying to do the right thing and file an accurate tax return. Allow us to help ease the stress.

office 781-219-4206
fax 781-874-9240


2016 Tax Year Limits


Mileage Rates

  • Charitable - 14 cents per mile
  • Moving - 19 cents per mile, 17 cents for 2017
  • Medical - 19 cents per mile, 17 cents for 2017
  • Business-related - 54 cents per mile, 53.5 cents for 2017

Tax Phaseouts & Income Limits

  • Foreign Earned Income Exclusion: $99,200
  • Itemized Deductions: Single $259,400 & Joint $311,300
  • Personal Exemptions: $4,050 for incomes under $259,400
  • Standard Deduction: $6,300 for single filers, $12,600 for joint 
  • 25% Tax Bracket starts: $37,450 for single filers, $74,900 for joint
  • Wage Limit for FICA Tax: $118,500
  • Monthly transit and parking benefits: $255

Child Related Phaseouts

  • Adoption Credit Income: $201,920
  • Child Tax Credit Income: $75,000 Single & $110,000 Joint 
  • Kiddie Tax: 2,100
  • EITC Investment Income limit: $3,400

Medical & Health Care Related Phaseouts & Limits

  • Flexible Spending Account Contributions: $2,500
  • HSA Contributions: $3,350 for single plans, $6750 for family

Gift & Estate Limits

  • Gift Tax Exclusion: $14,000
  • 529 Plan Gifts: $70,000
  • Estate & Gift Lifetime Exclusions: $5,450,000
  • Estate & Gift tax rates: 40%

Education Related Phaseouts & Limits

  • Lifetime Learning Credits: $55,000 for single filers, $111,000 for joint
  • Ameri9can Opportunity Credits: $80,00 for single firlers. $160,000 for joint
  • Savings Bond Interest exclusion for education: $77,500 for single filers, 116,300 for Joint

Retirement Related Phaseouts & Limits 

  • Simple Plan contributions: $12,500
  • 401k, 403b, 457 & SAR-SEP contributions: $18,000
  • IRA & Roth contributions: $5,500
  • Roth compensation:  $117,000 for single filers & $184,000 for married