CPA Tax Musings: Details of the Fiscal Cliff Tax Deal

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Well after a little more searching, it looks like the $400,000 , $425,000 and $450,000 may apply to Taxable Income instead of Adjusted Gross Income.  This article by Joseph Henchman in

this blog by The Tax Foundation talks about taxable income for cutoffs where the tax rates will increase.  This makes more sense than using AGI, and means itemized deductions can get you below the tax rate cutoffs:

http://taxfoundation.org/blog/details-fiscal-cliff-tax-deal?utm_source=twitterfeed&utm_medium=twitter&utm_campaign=Feed%253A+TaxPolicyBlog+(Tax+Foundation+-+Tax+Foundation’s+%2522Tax+Policy+Blog%2522)

I am sure we will hear more as things go along!

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You can count on us to count for you!

email bstonercpa@sbcglobal.net phone 818-317-6035 Website www.briantstonercpa.com

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