You may decide to postpone the donation until sometime in 2017, when you might be itemizing
and get a tax benefit from your contribution.
Another benefit of itemizing
estimates is that it provides our employees and subcontractors with a recipe.
NUMBER OF DEPENDENTS THAT WILL CAUSE AVERAGE TAXPAYERS ITEMIZING
DEDUCTIONS TO BE SUBJECT TO THE AMT [*] Adjusted Gross Income Number of Dependents Head of Household $60,000-82,700 4 $82,700-100,000 3 Married Filing Jointly $60,000-63,500 10 $63,500-67,150 9 $67,150-70,800 8 $70,800-74,450 7 $74,450-77,450 6 $77,450-100,000 5 Married Filing Separately $50,000-75,000 2 (*.
Keith Walker, assistant professor in the School of Accountancy at Southern Illinois University-Carbondale, said the standard deduction is more or less a tipping point which may entice people to give more to charities in order take advantage of itemizing
the standard deduction can be summarized as: The closer the amount for itemized deductions is to the standard deduction amount, the more likely itemizing
may result in lower overall taxes.
The deduction for seller-paid points could mean the difference between itemizing
and not itemizing
for many taxpayers.
For example, taxpayers with excess itemized deductions of less than $1,000 for the past two or three years might be contacted to discuss strategies to address the diminishing tax benefits of itemizing
A nationwide Gallup Poll commissioned by GII reported lower numbers with 50 percent of respondents itemizing
deductions and 11 percent deducting $500 or more.
, people who contribute to charities for the write-offs will no longer have that incentive.