High-Income Taxpayers � 2021 | Best Guide

Finn Kevin17 May, 2022Business

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.