To kickoff tax filing week, last week we discussed itemized deductions. This week, to commemorate the second full week of tax filing season, we are going to discuss “above the line deductions.” If you will remember; itemized deductions are deductions that some people can take. Most people that take itemized deductions are those that have home mortgages. Above the line deductions are adjustments to your income that anyone can take. These are deductions for moving expenses, alimony, one-half of self-employment tax, just to name a few. This week we are going to discuss the five most popular above the line deductions.
On Monday we are going to discuss Health Savings Accounts, Tuesday’s discussion will turn to Moving Expenses, Wednesday we will be talking about the Tuition and Fees Deduction, Thursday we will discuss Educator Expenses, and we will close the week discussing Alimony Paid on Friday. I hope you will join me this week for this interesting discussion on above the line deductions.
For more information visit www.smalleynco.com
If you have any questions you can email Craig W. Smalley E.A.
Author of the books: It Starts With an Idea – Tax Tips for Small Businesses available on Nook and Kindle, The Ultimate Real Estate Investor Tax Guide, available on Nook and Kindle, The Complete Guide to the New Tax Law – American Taxpayer Relief Act of 2012 available on Nook and Kindle, Everything You Wanted to Know about the IRS – Audits, Appeals and Collections available on Nook and Kindle, Tax Avoidance is Legal! The Complete Guide to Individual Income Tax available on Nook and Kindle, The Complete Guide to the Affordable Care Act’s Tax Provisions available on Nook and Kindle, and The Complete Guide to Retirement Plans for Small Businesses available on Nook and Kindle
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