Claim These Tax Deductions Even If You Don't Itemize

Claim These Tax Deductions Even If You Don't Itemize


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Claim These Tax Deductions Even If You Don't Itemize
By:
02 Dec 2016
Business

But there's a handful of tax breaks that people taking the standard deduction can still claim to lower their tax bills. The IRS calls these "adjustments to income," but another term is above-the-line deductions, because they show up on the 1040 form above your adjusted gross income (and you get to subtract them from your total income.) A few of the adjustments are available if you use the short-form 1040A, but, for most, you need to use the 1040.

Most of these above-the-line deductions have no income limits, so anybody can claim them. And in addition to the direct tax savings from these breaks—for taxpayers in the 25% tax bracket, for instance, every $1,000 in above-the-line deductions will lower your tax bill by $250—your lowered AGI could enable you to claim other tax breaks that have income limits.


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Rahul Raj

Rahul Raj

This lazy StoryTeller forgot to write something about itself.


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