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Post by hmonower999 on Mar 12, 2024 21:19:36 GMT 14
The IRS has seven tax brackets ranging from to . the tax rate you will pay. You can expect to pay a hefty tax bill if you make a lot of money. But if you can take advantage of tax deductions you pay less tax. Read on to learn about the best tax deductions for high earners. Who Is Considered as High Earners You might think a high earner is someone who earns a sevenfigure salary. Think again. A taxpayer is a high earner when they land in the top three IRS tax brackets. If you earn more than and your filing status iingle head of household or married filing Belarus WhatsApp Number separately you are considered a high earner. Married taxpayers filing joint returns fall into the highearner category if they make more than combined. Best Tax Deductions for High Earners Tax deductions lower your income and what you owe in tax. Some of the best tax deductions for high earners include Mortgage Interest If you own your home you can deduct the interest paid on your mortgage if you itemize. Generally the interest you pay on the first of mortgage debt on a primary or second home is deductible when you file a joint return. Taxes You may be able to claim a deduction for state and local taxes of up to if married filing separately if you itemize.
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