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Posted by Invictus Advisors

What is new for 2016 Tax Returns?

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





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