Itemized Deductions More Limited for Some
The limitation on itemized deductions is back. The American Taxpayer Relief Act sets the income level at $250,000 for single taxpayers and at $300,000 for couples. Those with income above these levels will have deductions reduced, but not beyond 80% of the total itemized deductions. Personal exemptions will also be phased out starting at these income levels.
To find out how this will directly affect you, contact us at 559.924.1225.