Itemized Deductions More Limited for Some

 In Blog, Educational Issues, Tax Tips

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.

Recommended Posts
Contact Us

Send us an email and we’ll get back to you asap!

IRS Gearing Up For Home Mortgage Interest AuditsWhat income is taxable