What is new for 2016 Tax Returns?
Standard Deductions
- Single or married filing separate - increased from $4,044 to $4,129
- Joint, surviving spouse, or head of household - increased from $8,088 to $8,258
Personal Exemptions
- Single or married filing separate - increased from $109 to $111
- Joint, surviving spouse, or head of household - increased from $218 to $222
Dependent Exemptions
- Increased from $337 to $344 each
Voluntary Contributions
- Personal income taxpayers may contribute to the following four new funds:
I. California Domestic Violence Victims Fund
II. Revive the Salton Sea Fund
III. Special Olympics Fund
IV. Type 1 Diabetes Research Fund
Low-Income Housing Credit
- Allocations to Partners
- Sale of Credit
Invictus Advisors