Deductions

https://falconcpa.com/wp-content/themes/osmosis/images/empty/thumbnail.jpg 150 150 speakeasy speakeasy https://secure.gravatar.com/avatar/1ee8bd3c861e30321e8b5e706cf7b0e5?s=96&d=mm&r=g November 4, 2015 October 14, 2018

By: speakeasy

November 4, 2015

Question: What is an above-the-line deduction? Answer: The federal tax law allows certain items to be deducted “above-the-line” to arrive at adjusted gross income (AGI). Contributions to a regular IRA and any amount of alimony paid are examples of above-the-line deductions. These deductions are allowed whether or not you use the standard deduction or itemize…