The IRS, or Internal Revenue Service, has recently announced the adjustments for annual inflation numbers that it would be making for a number of provisions during the year  2017, including tax-rate schedules, cost of living adjustments, and tax tables for various items.

The IRS tax brackets 2017 represent essential information for those who need to be aware of their income during 2017. Importantly, these numbers are the numbers that will be applicable during the tax year of 2017, starting from the first of January 2017. This means that they will not be the rates and numbers that should be used to prepare your 2016 tax returns for 2017. In other words, you will be using these numbers to prepare the tax returns for 2017 that will be submitted in 2018.

If you do not expect any significant changes to your income in the following year, you can look at the IRS tax brackets 2017 to estimate what your liability might be for the 2017 tax year. However, if you are expecting to make more money, buy a house, or get married, then you might need to adjust your estimated tax payments.

IRS Tax Brackets 2017 for Individual Taxpayers:

For individual taxpayers:

– The tax due for 0-$9,325 is 10% of all taxable income.

– The tax due for $9,326-$37,950 is $932.50 + 15% on the amount over $9,325.

– The tax due for $37,951 – $91,900 is $5,226.25 + 25% of the amount over $37,950.

– The tax due for $91,901 – $191,650 is $18,713.75 + 28% of the amount over $91,900.

– The tax due for $191,650 – $461,700 is $46,643.75 + 33% of the amount over $191,650

– The tax due for $416,701 – $418,400 is $120,910.25 + 35% of the amount over $416,700.

– The tax due for $418,401+ is $121,404.25 + 39.6% of the amount over $418,400.

Comparing the Numbers:

At this point, the IRS Tax Brackets 2017 for taxpayers can seem complex, but it's easy to compare them to the 2016 brackets on the IRS website. The standard deduction for single taxpayers and married couples that file separately is $6,350 in 2017, which is increased from $6,300 in 2016. For married couples that file jointly, the standard deduction is $12,700, which is up around $100 from the previous year. For heads of the household, the standard deduction is $9,350, which is up from $9,300 in 2016.

Another important factor to be aware of is that the additional standard deduction for people who are defined as blind or aged is approximately $1,250 with the amount increasing to $1,550 if the individual is not a surviving spouse, and is unmarried. The standard deduction that can be claimed by a taxpayer who is seen as a dependent for the purpose of another taxpayer should not exceed the larger of the two: (1) $1,050 or (2) $350 plus the earned income of the dependent for the year. For individuals who choose to itemize deductions for their tax returns the Pease limitations have also changed. Certain deductions may be phased out or capped for high-income taxpayers.