Revenue – primary goal



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§68 LIMITATION – for taxpayers above threshold amount, reduction of itemized deductions by 3% of AGI over threshold limited to total reduction of 80%.

  • 2001 Act phases these out starting in 2006.

  • Some considerations about whether it’s better to have an increase in income or take the deduction below the line or have reimbursement above the line. p.176

    • Any reimbursement over expenses goes below the line.

    • Employer can only deduct reimbursement of up to 50% of expenses.

  • Mixed Business and Personal Expenses
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