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Here are some deductions
that everyone receives. To tax professionals, they are better known as
"above the line deductions."
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One-half of self employment
taxes paid.
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Self-employed health
insurance premiums (limited).
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Alimony paid to an
ex-spouse.
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Contributions to a
traditional IRA (limited).
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Qualified moving expenses.
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Student loan interest paid.
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Penalty paid from
prematurely cashing in a certificate of deposit.
Here are some deductions
you receive only if you itemize*. To tax professionals, they are better
known as "below the line deductions."
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Medical expenses (costs
that exceed 7.5% of your Adjusted Gross Income).
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State and local income
taxes.
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Monies paid related to
property including real estate taxes and mortgage interest.
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Charitable contributions
(qualifications apply).
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Casualty and theft loss.
*If your itemized deductions
do not exceed the standard deduction; it is better to take the
standard deduction.
These lists do not include
every possible item. If you have a unique situation or a question it is best
to ask a professional or the
IRS. The links below will help you find a professional in your area.
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