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Many expenses that may qualify as miscellaneous itemized deductions are deductible for regular tax purposes only to the extent they exceed, in aggregate, 2 percent of your adjusted gross income (AGI). Bunching these expenses into a single year may allow you to exceed this “floor.”
So now is a good time to add up your potential deductions to date. If they’re getting close to — or they already exceed — the 2 percent floor, consider incurring and paying additional expenses by Dec. 31, such as:
But keep in mind that these expenses aren’t deductible for alternative minimum tax (AMT) purposes. So don’t bunch them into 2014 if you might be subject to the AMT. Also, if your AGI will exceed certain levels ($254,200 for singles and $305,050 for married filing jointly), be aware that your itemized deductions will be reduced.
If you’d like more information on miscellaneous itemized deductions, the AMT or the itemized deduction limit, contact our CPAs and tax advisors in Michigan, Houston or Ft. Lauderdale.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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