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Important Changes Effective January 1, 2017

Changes to Michigan minimum wage amounts effective January 1, 2017:

Workers 18 and older                             $8.90/hour

Workers 16 and 17 years old                   $7.57/hour

Tipped workers                                       $3.38/hour

Retirement Plan Changes for 2017:

Maximum salary deferrals:

Simple maximum contribution           $12,500

Catch-up contribution                       $  3,000

                 

401(k), 403(b), Profit Sharing plan

Annual compensation               $270,000

Elective deferral                      $  18,000

Catch-up contributions            $    6,000

IRAs:

Contributions limits                                $5,500

Catch up contributions                           $1,000

AGI Deduction phase-out                       $99,000 joint return

$62,000 single or head of household

Mileage rate changes effective January 1, 2017:

Business                                                     $.535

Medical or moving                                       $.17

Charitable                                                  $.14

Jeff Cole and his staff know our business situation very well. During our annual meeting … they plow through that year’s financial numbers and help us plan everything from tax savings strategies to how we can become leaner and more efficient, to estate planning ideas.
Dave Knapp