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Thursday, December 16, 2010

Tax Tip - No Phase-out of Itemized Deductions for 2010

Currently, for 2010 only, there is no phase-out of itemized deductions or personal exemptions based on a taxpayer's Adjusted Gross Income (AGI).  For those with higher incomes, this may be a reason to "bunch" as many deductions into 2010 as possible.

Under the Senate Bill, passed on December 15, 2010, and forwarded to the House, the phase-out would remain repealed for 2011 and 2012.

2 comments:

Gene Prescott said...

The House approved the Senate Bill last night, presumably, with the phase-out extension intact. The bill now awaits the President's signature.

Gene Prescott said...

President Obama signed the bill on 12/17/2010.