Let’s all pay $3 interest so we can save $1 in taxes. That’s after adjusting for the benefit on the first portion of taxable income of $5,800 single and $11,600 married, available to all via the standard deduction. Then, be sure to adjust for AMT as Schedule A deductions are limited and personal and dependency exemptions are phased out as AGI increases. Okay, ready now? Let’s all rush out and acquire lots of “tax deductions” so we can all save money on our taxes.
