1040 tax form, calculator and pen on a desk

Itemized Deduction Limit

As of January 1, 2013, married taxpayers with income above $300,000 and single taxpayers with income above $250,000 will see their itemized deductions reduced. Itemized deductions are the common deductions taxpayers take for items such as mortgage interest, property taxes, state and local taxes, and charitable deductions. The thresholds will increase each year by inflation.…