2017 Tax Changes

The legislation that Congress passed a week before Christmas includes many changes effective January 1, 2018 and later. Your 2017 tax return might be very similar to 2016. One exception is a reduced threshold that allows medical deductions. For everyone there is a 7.5% limit of your adjusted gross income..


What Congress did not do

Congress did NOT renew expiring tax provisions. Your 2017 will NOT allow

  • Tuition deductions to income
  • Mortgage Insurance Premium deductions for some taxpayers
  • Cancelled Mortgage Debt Relief
  • Non Business Energy Credits

There is a list of 35 expired provisions


Some tax items are scheduled to expire soon

  • Bonus Depreciation, a special expense for capitalized business investments
  • Home energy & Business Solar credits


Are there chances for tax simplification? The last Congress made some temporary tax item permanent.  

  • The $250 Educator Expense Deduction is now indexed for inflationary increases
  • Sales Taxes are an itemized deduction, if the taxpayer does not pay a state income tax
  • Charitable Donations from an IRA for taxpayers over the age of 70
  • Special depreciation expense options for businesses
  • Capital gains exclusion for certain small business stocks

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