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Tax Tips for Tax Season: #14 Itemized Deductions Limited for Some

 

 

As a NJ CPA firm and and NY CPA  firm, we are dedicated with providing you the latest tax tips this season.

Here is today’s tax tip:

The limitation on itemized deductions is back. The new law 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.

For assistance with this or other tax or accounting matters please contact us at 201-947-8081 or 646-688-2807, or email us at info@bergencountycpa.com.

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