2017 Tax Law Changes

The STANDARD MILEAGE RATES FOR 2017 went into effect on January 1, 2017:
53.5 cents per mile for business miles driven
17 cents per mile for medical or moving miles driven
14 cents per mile driven for charitable purposes

The 2017 PERMANENT FUND DIVIDEND was $1,100. This does mean that children will have to pay taxes on their dividend. Children can be included on the parents' return if they only have non W-2 income (the permanent fund, interest on savings accounts and dividends/capital gains on investment accounts). If they have W-2 wages, they do have to file their own return. For help with reporting their income, call or e-mail my office.

fBeginning in 2017 the medical expense threshold will increase to 10% of adjusted gross income for taxpayers 65 and over (it was previously 7.5%).

Alaska's minimum wage went up to $9.80 an hour effective January 1, 2017. It will be adjusted every year after that for inflation with the new rate being effective on January 1 of each year.