Beware of Income-Based Limits on Itemized Deductions and Personal Exemptions
Many tax breaks are reduced or eliminated for higher-income taxpayers. Two that you need to watch out for are the itemized deduction reduction and the personal exemption phase-out. Income thresholds If your adjusted gross income (AGI) exceeds the applicable threshold, most of your itemized deductions will be reduced by 3% of the AGI amount that […]
