Article Highlights Bunching allows you to maximize your itemized deductions in one year and take the standard deduction in the next. The medical expense threshold for deductibility has been increased to 10% of AGI for individuals under the age 65. You have the option of deducting the larger of: (1) State and local income tax paid, or (2) state and local sales tax paid … [Read more...] about Make the Most of Your Deductions
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2013 Will Hit Higher-income Taxpayers Hard — Be Prepared
Now that Congress has passed the American Taxpayer Relief Act of 2012 (ATRA) and avoided the so-called “fiscal cliff,” higher-income taxpayers need to brace for higher taxes. There are numerous provisions in the ATRA that don’t provide the higher-income taxpayer any relief, and when these are combined with the provisions of the 2010 Affordable Health Care Act, higher-income … [Read more...] about 2013 Will Hit Higher-income Taxpayers Hard — Be Prepared