What was the business tax rate for 2016?

What was the business tax rate for 2016?

The standard mileage rates for the use of a car, van, pickup or panel truck are: 54 cents per mile for business miles driven in 2016, down from 57.5 cents in 2015. For those planning ahead, the 2017 rate, for use on a 2017 return filed next year, is 53.5 cents per mile.

What is line 43 in the 2016 tax table?

2016 Tax Table — Continued If line 43 (taxable income) is— And you are— At least But less than Single Married filing jointly * Married filing sepa- rately Head of a house- hold Your tax is— 3,000 3,000 3,050 303 303 303 303 3,050 3,100 308 308 308 308 3,100 3,150 313 313 313 313 3,150 3,200 318 318 318 318 3,200 3,250 323 323 323 323

What was the maximum AMT exemption for 2016?

The AMT exemption amount for 2016 is $53,900 for singles and $83,800 for married couples filing jointly (Table 5). Source: Author’s Calculations. 2016’s maximum Earned Income Tax Credit for singles, heads of households, and joint filers is $506, if the filer has no children (Table 6).

What was the tax rate per mile in 2016?

19 cents per mile driven for medical or moving purposes in 2016, down from 23 cents in 2015. The 2017 rate is 17 cents. 14 cents per mile driven in service of charitable organizations. This rate is set by law and is unchanged.

Is the tax reform plan a victory for the wealthy?

If you live in a high-tax state with soaring property values, you may have paid more in taxes in 2019. For the wealthy, banks and other corporations, the tax reform package can be considered a lopsided victory given its significant and permanent tax cuts to corporate profits, investment income, estate tax, and more.

How are moving expenses affected by tax reform?

During the suspension, no deduction is allowed for use of an automobile as part of a move. Also, employers will include moving expense reimbursements as taxable income in the employees’ wages because the new law suspends the former exclusion from income for qualified moving expense reimbursements from an employer.