Interest can pile on pretty quickly and together with other deductions, can edge you over the standard deduction limit.

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Another set of proposals would limit the debt deduction itself, something like Rostenkowski's plan.

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If you are close to hitting a phase out limit for a deduction, you may want to contribute to the pre-tax 401(k).

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So to clarify, Congress wants the employees to recognize income to the full extent upon exercise, but for the corporation to lose or limit the corresponding deduction.

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There is a cap on the maximum deduction that can be taken, and additionally there is an upper limit of expenses beyond which the Section 179 deduction is phased out, dollar for dollar.

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Current restrictions on claiming the home office deduction, such as the requirement that a home office be used regularly and exclusively for business and the limit on the amount of the deduction tied to income derived from the particular business, still apply under the new option.

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That raises the last risk in our borrow-to-invest strategy: Might Congress, in the name of tax reform or deficit reduction, further limit the home mortgage interest deduction?

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Thankfully, losses are considered a miscellaneous deduction and not subject to the 2% limit.

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The White House has effectively doubled down on a tax change it has been pushing for four years that would limit the value of the charitable tax deduction.

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