Knowledge Base
The deductions and credits that matter most for high earners — healthcare, charitable giving, education, and the tax tools that keep more of your money working for you.
9 articles in this category
Yes. Before the Tax Reform Act of 1986, credit card interest was fully tax deductible as personal interest. Congress eliminated that deduction through IRC Section 163(h), phasing it out between 1987 and 1991. For most people, that history is a footnote. For high-net-worth investors, understanding wh
Silent auction items and tax deductions follow a specific IRS framework that most bidders and donors get wrong. The core rule: donors deduct fair market value of what they give, bidders deduct only the amount their winning bid *exceeds* fair market value. Everything else is documentation, thresholds
Charity golf tournaments generate hundreds of millions of dollars annually for nonprofits, according to the National Golf Foundation, but most participants claim far less than they're entitled to, or claim amounts the IRS won't support. The deductibility rules are specific, the documentation requir
The short answer: sometimes, partially, and almost never through Schedule A if you earn what this audience earns. Concierge medicine tax deductibility is genuinely complex, and the standard advice you'll find elsewhere is written for W-2 earners bumping against the 7.5% AGI floor. If your AGI is $50
At $5M+ net worth, your tax problem is not the same problem a $200K earner has. The standard playbook, max your 401(k), take the mortgage deduction, maybe harvest some losses, was written for someone else. Your effective all-in rate on investment income can exceed 37% once you layer the 3.8% Net I
Museum memberships and tax deductions intersect in a way that most retail tax guides get wrong. The short answer: yes, a portion is often deductible, but only the amount exceeding the fair market value of benefits you receive. For high-income taxpayers who itemize, that distinction matters more than
Most surrogacy expenses are not federally tax-deductible. The IRS has no statute that explicitly covers surrogacy costs, and the case law that does exist cuts against intended parents in most scenarios. That said, a narrow slice of qualifying medical expenses may survive scrutiny under IRC Section 2
Yes, private foundation donations are generally tax-deductible under IRC Section 170, but the deduction limits are materially lower than what you get with public charities or donor-advised funds. For cash contributions, you're capped at 30% of adjusted gross income versus 60% for public charities. F
No. New Jersey offers zero state income tax deduction for 529 contributions, including contributions to its own NJBEST plan. For residents paying the state's top marginal rate of 10.75% on income over $1 million, that's a real cost relative to neighbors in Pennsylvania and New York. The federal bene