Sentences with phrase «other than the standard deduction»

Not exact matches

For example, the plan proposed lowering tax rates, increasing the standard deduction, limiting itemized deductions other than charity, limiting maximum charitable deductions annually to 40 percent of adjusted gross income, and allowing charitable deductions only above a floor of 2 percent of adjusted gross income.

If your medical deduction, combined with other deductions such as charitable donations and mortgage interest, don't add up to more than the standard, you're better off not itemizing.

You are eligible to itemize deductions if your gambling losses plus all other itemized expenses are greater than the standard deduction for your filing status.

In other words, if a homeowner has a standard deduction of $ 9,700 and his or her itemized deductions total $ 8,000, he or she is better choosing the standard deduction because it is higher than the itemized amount.

And so in other words, if your combined salaries minus your standard deduction is lower than those amounts, you're in a very low tax bracket.

To get the tax advantage from buying a home, the amount you pay in interest and property taxes (as well as any other deductions) needs to be more than the standard deduction (In 2011, the standard deduction for single filers is $ 5,800; for married filing jointly it's $ 11,600).

The amount of mortgage interest plus the other qualifying items add up to more than the standard deduction.

When you throw those other itemized deductions into the pot, you may find that your total savings are significantly greater than your standard deduction.

In other words, if your itemized deductions don't add up to $ 12,000, you should just take the standard deduction rather than the individual deductions you may otherwise be entitled to.

The limitations on these and other deductions means many homeowners who itemize today will find it more attractive to take the newly increased standard deduction, although that deduction is less valuable than it initially appears because the bill also eliminates the personal and dependency exemptions.

The National Association of REALTORS ® (NAR) engaged PwC to review the impacts of an illustrative comprehensive tax reform option that would lower and consolidate marginal tax rates to three rates with a top rate of 33 percent, double the standard deduction, eliminate all itemized deductions other than charitable contributions and mortgage interest, eliminate the Alternative Minimum Tax, and cap the...

The result offers the implications of tax reform that would lower and consolidate marginal tax rates to three rates with a top rate of 33 percent, double the standard deduction, eliminate all itemized deductions other than charitable contributions and mortgage interest, eliminate personal exemptions and the Alternative Minimum Tax, and cap the tax rate on pass - through business income at 25 percent.

The National Association of REALTORS ® (NAR) engaged PwC to review the impacts of an illustrative comprehensive tax reform option that would lower and consolidate marginal tax rates to three rates with a top rate of 33 percent, double the standard deduction, eliminate all itemized deductions other than charitable contributions and mortgage interest, eliminate the Alternative Minimum Tax, and cap the tax rate on pass - through business income at 25 percent.

In order for it to benefit you, the interest you pay in any given year (along with any other deductions you may claim) will have to be more than the standard deduction.

Single taxpayers, on the other hand, would see a tax benefit of more than $ 600 over the standard deduction (for $ 7K in interest expense), although the net tax savings would only be about $ 150 for a payer in the 25 percent tax bracket.