The starting point is gross income, which is all of your income before any allowable deductions.

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Notably absent from the allowable deductions is anything for retirement saving.

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The new rule helps donors make large contributions without worrying about hitting percentage limits on their allowable yearly deductions, and it also helps high-income donors, who are subject to the phase-out of itemized deductions.

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Thus, if 100% of the income is the result of my writing, speaking or media appearances, they expect me to take 100%, less allowable business deductions, as direct payment to me and pay all taxes due as a result.

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Wait until January to pay some bills that aren't allowable federal tax deductions in the AMT, most notably state and local income taxes and property taxes.

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This is an income tax which effectively operates by conditioning a portion of the otherwise allowable standard or itemized deductions on obtaining health insurance.

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Income over the applicable amount will trigger an itemized deduction limitation that is the lesser of (a) 3% of the adjusted gross income above the applicable amount, or (b) 80% of the amount of the itemized deductions otherwise allowable for the taxable year.

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