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Happy New Year! And a Sneak Preview...
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With 2017 around the corner, we wanted to share some upcoming tax law changes that will be going into effect in the new year. The changes include everything from a reduction in mileage rates to tax provisions that will expire at the end of 2016. Here's a sneak preview of some of those changes:
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New mileage rates for 2017
- Optional standard rate for business use drops to 53.5 cents per mile
- Medical and moving mileage rates go down to 17 cents per mile
- Charitable mileage rate stays the same at 14 cents per mile
Changes to retirement plan limits
- The contribution limit for 401(k) plans stays the same at $18,000
- 401(k) catch-up contributions are also limited to the same $6,000 level as 2016
- Contribution limits to SEP IRAs and Solo 401(k)s increase to $54,000, up from $53,000 in 2016 (compensation limit used in the savings computation goes up from $265,000 to $270,000)
- The limit on SIMPLE accounts for 2017 is $12,500, the same as in 2016, and catch-up contributions are still limited to $3,000
- Defined Benefit Plan limits go up to $215,000 in 2017 compared to $210,000 in 2016
Tax provisions expiring at the end of 2016
- Treating mortgage insurance premiums as deductible home mortgage interest
- The lower 7.5% of adjusted gross income threshold for seniors deducting medical expenses (the 10% threshold will now apply to everyone)
- Tuition and fees deductions (American Opportunity and Lifetime Learning Credits are still available)
- Exclusion of up to $2 million on the forgiveness of debt on a principal residence
- Residential energy credits and non-business energy property credits
- Alternative and electric motor vehicle credits
Also, the Social Security wage limit goes up from $118,500 in 2016 to $127,200 in 2017.
As always, we are available to answer any questions you might have about these changes going forward into 2017.
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Client Organizers Arriving Soon
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The client tax organizers will be mailed out within the next few weeks and will be arriving in your mailbox by mid-January. Whether you receive your organizer as a packet via the U.S. mail or you've opted to use our client portal service via the Internet, you can look for your organizer soon.
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Portal Updates in 2017
- New passwords. For security purposes, you may be prompted to change your password when you access your portal. All passwords must contain at least seven characters and they must contain one letter and one number.
- Sending information via "ClientFlow." ClientFlow is the new way to send files to and from your portal. We will upload your tax returns to ClientFlow and you will be able to access the PDF copies of your "Action Items" which contain your e-File Authorization Forms, your Federal and State income tax returns and other pertinent information.
- Invoices. Invoices can be paid directly from your portal via "My Invoices."
| If you are currently using the client portal, please see your home page on your portal for further information regarding these updates. If you would like to transition from paper to using the client portal, just contact us and we will be happy to walk you through the steps. If you don't receive your tax organizer by mid- to late January, please let us know and don't hesitate to contact our office if we can help in any way. |
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Our People Make a Difference
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(L to R) Ms. Lyla Mathieson, her dad Brett, Mike Moyski, Ron Austin and Jim Mathieson
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Mathieson, Moyski, Austin & Co. was once again a sponsor of the Lions Club Reindeer Run, held Dec. 3 in downtown Wheaton. This 5K race is presented in partnership with the Lions Club of Wheaton and the Wheaton Park District. This year's run was held on a bracing winter day and participants enjoyed the festive holiday spirit and post-race refreshments.
A portion of the proceeds will benefit the Ronald McDonald House near Northwestern Medicine in Winfield.
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Many thanks to those who contributed to our Holiday Gift Drive benefiting the young families at
Teen Parent Connection
! This project, held in partnership with our colleagues from
Wheaton Bank & Trust,
provides toys, gifts and much-needed supplies for children of young parents in our area. We appreciate the support of this project from our staff, colleagues and friends.
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Save the date!
On Thursday, Feb. 9, we will be celebrating the
30th Anniversary of Mathieson, Moyski, Austin & Co. at our offices, 211 S. Wheaton Avenue. Please mark your calendar for that day, beginning at 5:00 p.m. More details to follow...
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We look back at this year with gratitude for our clients, colleagues, families and friends who have made this year so special. We look forward to 2017, the year in which we'll celebrate our 30th year of service as a firm. With appreciation for the past and anticipation of the future, we're excited about continuing to grow and make a difference with our clients and the communities we serve.
May this New Year bring you good health, happiness, abundance and the time to enjoy all the people who are important to you in
your life.
The Team at Mathieson, Moyski, Austin & Co., LLP
Mike Moyski, CPA
Ron Austin, CPA
Brett Mathieson, CPA
Brian Eisenmenger, CPA
Jim Mathieson, CPA, Of Counsel
211 South Wheaton Avenue | Suite 300 | Wheaton, IL 60187 | 630-653-1616
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