Bunch Deductions to Get the Most Out of Itemizing

Tax laws are at times nothing if not infuriating.  Indeed, with
phaseouts and sunsets coming and going, taxpayers may find it difficult
planning from one year to the next.

Case in point: In 2006 and 2007, the overall limitation on itemized
deductions that reduces the value of certain itemized deductions
claimed by upper-income individuals is scheduled to be phased out.

In effect, higher income individuals will have a small tax rate
reduction, according to PricewaterhouseCoopers 2007 Guide to Tax and
Financial Planning.

By way of history, the tax law limits the amount of certain itemized
deductions that individuals can use to reduce their taxable income.
For instance, miscellaneous deductions are limited to those in excess
of 2 percent of Adjusted Gross Income or AGI.

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