Tax Benefits
Important Note:
There are two limitations that apply to itemized filers. The first is the .005% of Adjusted Gross Income floor that must be subtracted. The second restricts the tax benefit to 35% deduction even though the taxpayer is actually in the 37% tax bracket. This applies to couples with taxable income in excess of $768,600. When it comes to discussing your tax deductions, it is advisable to consult with a tax professional.
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