Itemized Deductions

Taxpayers that either own a home, and or give money to charities/non profit organizations can itemize deductions on their taxes. If you are filing your 2007 tax returns, you may want to be aware that if your adjusted gross income is above a certain amount, you may lose part of your itemized deductions. In 2007, the amount is increased to $156,400 ($78,200 if married filing separately).
In 2008, if your adjusted gross income is above a certain amount, you may lose party of your itemized deductions. In 2008, this amount is increased to $159,950 ($79975 if married filing separately). Beginning in 2008, the amount by which these itemized deductions are reduced is only of the amount of the reduction that otherwise would have applied.