Tax Law changes - 2013

Itemized Deduction Phaseout - 2013

The American Taxpayer Relief Act of 2012 permanently extends the repeal of the Itemized Deduction Phaseout on incomes at or Below $250,000 (individual filers), $275,000 (heads of households) and $300,000 (married filing jointly) for tax years beginning after December 31, 2012. Taxpayers with income Above the above amounts will be subject to the phaseout.

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