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Pease Limitations
Named after Congressman Don Pease, these are limits on the amount of itemized deductions that high-income individuals can claim.
Itemized Deductions
Expenses allowed by the IRS that can be deducted from adjusted gross income to reduce taxable income if chosen instead of the standard deduction.
AGI
Adjusted Gross Income refers to the total income reduced by certain deductions to ascertain the tax obligation.
Casualty Losses
Financial losses resulting from sudden, unexpected, or unusual events such as natural disasters, theft, or accidents, which may be deductible.
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