As we head into a new year, some tax reporting news to keep in mind. The first day that you can file your 2016 US individual income tax return by paper or by electronic submission is January 23, 2017. The regular filing season ends April 18, 2017, as April 15 falls on a Saturday and Monday, April 17 is Emancipation Day observed in Washington, DC.
While we expect tax law changes to be announced in 2017, here are some current standard dollar limits: Start of the Top Tax Bracket for joint filers (39.6%) – $466,950 (2016); $470,700 (2017); Gift Tax Annual Exclusion $14,000 (2016 and 2017); Personal Exemptions $4,050 (2016 and 2017).
And don't forget, those with foreign accounts or signatory authority over non-US accounts must file the FBAR (FinCEN Form 114) on the due date of the US Income tax return. If you seek an extension for your income tax return you can seek an extension to file the FBAR. Other rules apply to U.S. persons residing outside of the United States. We will keep you posted on these and other new tax developments as they arise in what will be a busy tax news year.
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