The Tax E Man Blog is a publication of Baldwin NY Tax Preparation and Representation firm Pat Tax Inc. Pat Tax and Enrolled Agent Patrick White provide tax consultation, preparation, and representation services to the Long Island communities of Baldwin NY, Freeport NY, Roosevelt NY, Uniondale NY and Hempstead NY and the Queens communities of Saint Albans NY, Cambria Heights NY, Laurelton NY, and Springfield Gardens NY.

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High-Income Taxpayers

In addition to being subject to higher federal tax rates, taxpayers whose income exceeds certain levels have tax deductions and credits that are reduced or eliminated. The provisions listed may have additional qualifications and restrictions. Other provisions of the tax code, such as fringe benefit limitations and taxation on the sale of a principal residence, may further restrict a taxpayer’s ability to take deductions or cause the taxpayer to pay additional tax. Ask your tax professional for more details.

Capital Gains Tax Rates

Long-Term Capital Gain Maximum Tax Rates
For taxpayers with ordinary tax rate of	2013 and After
Top rate	20%
25% to rate below top rate	15%
10% or 15%	0%

Qualified Dividend Income Tax Rates
For Taxpayers with ordinary tax rate of	2013 and After
Top rate	20%
25% to rate below top rate	15%
10% or 15%	0%

 

Read High Income Taxpayers 2017 Here

 

 

2017 Itemized Deduction Phase-out

Itemized deductions begin to phase out when
Filing Status	Modified Adjusted  Gross Income
Married Filing Jointly, Qualifying Widow	$313, 800
Head of Household	$287, 650
Single	$261, 500
MFS	$156, 900

2017  Personal Exemptions

The personal exemption per is -$4,050

Personal exemption’s  phase-out with the following AGI amounts.
Filing Status	AGI Beginning of Phase-out-AGI Completed Phase-out
Married Filing Jointly, Qualifying Widow	$313,800-$436,300
Head of Household	$287,650-$410,150
Single	$261,500-$384,000
Married Filing Separately	$156,900-$218,150

 

Read High Income Taxpayers 2017 Here

 

Any accounting, business, or tax advice contained in the Tax E Man Blog or http://www.PatTax.net, including attachments, links, and enclosures, are not intended as a thorough in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax related penalties.

If desired, Pat Tax Inc. would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired.

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