Knowing your phaseouts helps you maximize tax benefits and minimize tax liabilities.

With tax laws becoming more complex and ever-changing, it’s important to stay informed about the various phaseouts associated with tax benefits, credits, and deductions.

This is where the phaseouts desktop reference comes into play.

By being aware of phaseouts, you can uncover hidden tax-saving opportunities that might otherwise be missed.

For instance, some phaseouts may affect your eligibility for tax deductions or credits, while others might only reduce the amount you’re eligible for. Knowing these thresholds can help you make strategic financial decisions and maximize your tax savings.

In the desktop reference, you have at your fingertips the 2023 phaseouts that apply to:

Education tax benefits

The child tax credit

The alternative minimum tax exemption

IRAs

Retirement savings contributions credit (saver’s credit)

Do this:

First, make sure you are logged in as either a subscriber or a trial subscriber.

Second, click ... Log in to view full article.