This article is the first in a new column, Personal Financial Planning, covering the role of CPAs in advising individuals and ...
About 144 million Americans may qualify for the 2026 universal charity deduction, while high earners face new IRS limits.
Understanding whether there is a limit on itemized deductions can significantly impact financial planning and tax liabilities. TRAVERSE CITY, MI, UNITED STATES ...
- 60% AGI limit for cash gifts: in 2017, the Tax Cuts and Jobs Act ( TCJA) set the top AGI deduction limit for cash gifts at 60%, but this was scheduled to revert to 50% at the end of 2025. OBBBA made ...
In this week's Ask the Editor Q&A, Joy Taylor answers questions on itemized deductions claimed on Schedule A of Form 1040 ...
Each spring, millions of taxpayers face a deceptively simple question — take the standard deduction or itemize? For those not versed in the lingo of taxes, the distinction can be confusing. But ...
Congress enacted the alternative minimum tax (AMT) provisions found in IRC sections 55 to 59 to establish a floor so individuals would pay some tax regardless of the exclusions, deductions and credits ...
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