How Much Can You Deduct?
Important.
If married, you must file a joint return to benefit even when only one spouse qualifies; filing separately disqualifies you.
This bonus deduction is in addition to:
- The regular standard deduction, and
- The existing age-based additional deduction.
Income Limits Apply
- For singles: begins at $75,000 modified adjusted gross income (MAGI); fully phased out at $175,000
- For joint filers: begins at $150,000 MAGI; fully phased out at $250,000
MAGI includes AGI plus certain rarely seen tax-free foreign income.
Planning Opportunity
- Spread capital gains over multiple years
- Break up Roth IRA conversions over time
- Create additional business deductions or make retirement plan contributions
Learn More
Sterling Tax and Accounting is here to help your business with tax planing! Our comprehensive approach to tax planning helps reduce your overall tax liability and keep more money in your pocket. If all your accountant does is file your taxes, chances are they are making you pay more than your fair share of taxes.
Learn how to proactively save on taxes by scheduling a call with our tax planning specialists.
Our tax planning, accounting & business services help you stay on track. Sterling Tax & Accounting will work with you to optimize your business and minimize your taxes. We will work to provide you and your business with the tools and resources you need to build a solid tax and business foundation. We’re a trusted CPA Firm in Sarasota, Florida. We serve clients all over the US, and proactively work to minimize their taxes.
Welcome to the Sterling Standard of business! Want to learn more? Schedule a meeting with our tax planning team here:
https://www.sterling.cpa/contact-us/