Title Transfer Holding | New regulations that could impact your finances in 2017

The New Year rings in a few federal regulations that could impact your wallet and savings accounts.

With no major tax legislation taking effect in 2017, the changes are not as drastic as in past years. For example, Roth and Traditional IRA contribution limits will stay the same, capped at $5,500 for individuals under 50 years old and an additional $1,000 contribution for individuals 50 and over.

“This is a pretty quiet year,” says Eddie Patat, a CPA and owner of Turner and Patat, an accounting firm in Athens, Ga.

However, low-wage employees, individuals who work with financial advisers, college students, and Hurricane Matthew victims could earn and save a bit more, with these four rules and tax benefits in 2017.

Higher minimum wage

Millions of workers will pocket more each week due to minimum wage increases in 21 states.

The first state to do so will be New York, raising its minimum wage from $9 hourly to up to anywhere between $9.70 and $11 per hour on Dec. 31, 2016.

Eighteen states will raise their minimum wage beginning Jan. 1, 2017: Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Florida, Hawaii, Maine, Massachusetts, Michigan, Missouri, Montana, New Jersey, Ohio, South Dakota, Vermont, and Washington.

Some of these states — Alaska, Florida, Missouri, and Ohio — will see wage increases of only 5 cents per hour. However, Washington and Massachusetts will see increases of a dollar, while workers in Arizona will have an extra $1.95 added to their wages each hour.

Workers in Maryland, Oregon, and Washington, D.C., won’t see their wages rise until July 1. Read More......