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b"With the April 15 personal income tax filing deadline just a few months away, I wanted to talk about a few tax changes for 2017 and remind you of a few tax breaks that you should use to reduce your tax burden. It\\u2019s a good list, so let\\u2019s get started with new or improved tax breaks for 2017.
Gift Tax Exclusion for ABLE Accounts
Many of you have probably not heard of this, but an ABLE account\\u2014which is short for Achieving a Better Life Experience\\u2014 offers tax-advantaged opportunities for disabled people and their families. It helps them save and pay for expenses related to disability. Although ABLE account legislation was passed in 2014, these specialized accounts only became available for us to generally use in 2016.
So, here\\u2019s what\\u2019s allowed: Anyone, including a family member or friend of a disabled person, can contribute up to $14,000 to an ABLE account without having to pay a gift tax. And earnings and distributions are tax-free when they are used to pay for qualified disability expenses such as:

* Housing
* Education
* Transportation
* Health
* Prevention and wellness
* Employment training and support
* Assistive technology
* and Personal support services

These accounts offer state and federal tax advantages. In addition, the first $100,000 in an ABLE account does not count as income or assets when disabled individuals try to qualify for public assistance programs. Although only nine states currently have ABLE programs, you can either open an account or contribute to one in a state other than your own. So, if you know someone with a disability, talk to them about this new ABLE account; it\\u2019s a good initiative and a great way to financially support those in need, such as say our disabled veterans or near and dear ones.
Higher Tax Thresholds
You\\u2019ll be happy to know that the IRS raised its tax thresholds for 2016, therefore, you'll likely pay a lower percentage of your wages toward taxes if you earned more last year than you did in 2015.
For example, if you were a married couple, filing jointly, your joint income of more than $74,900 would have placed you in the 25 percent bracket in 2015. For 2016 though, you\\u2019ll have to make more than $75,300 to be in the 25% bracket. \\xa0I know that\\u2019s a difference of just $400, but, heck, every dollar matters. So be sure to check those tax tables at the back and see what tax bracket you fall in for 2016.
Increased Earned Income Credit
Remember Earned Income Credit\\u2014it\\u2019s something that came up a lot in the Presidential debates in 2016. Here\\u2019s the deal: If you have low or moderate income, you might qualify for a federal Earned Income Credit. The income-based credit is for everyone if you qualify. The maximum credit for 2016 is $6,269 for filers with three or more qualifying children. The amount reflects a $27 increase from 2015's figure of $6,242.
If you qualify, definitely take advantage by filling out Schedule EIC and attaching it to your tax return if you have a qualifying child and meet the income requirement.
Okay, now here\\u2019s a reminder of the tax breaks that every first-time home buyer should know:
Home Mortgage Interest Deduction
As most of you know, mortgage interest deduction is one of the biggest home tax breaks. It covers interest paid on loans of up to $1 million, or $500,000 if you're married but filing a separate return. And this deduction can be especially beneficial for borrowers with new loans because interest charges on mortgages are typically steeper in the early years of the mortgage's term. In other words, of your fixed monthly mortgage amount, a greater portion is allocated to interest in the early years and less to paying back the borrowed principal. So if you recently bought a home, make sure you take this deduction while you can because there\\u2019s also been some talk of phasing this out."