Above the line deduction, Financial Management

Above the line deductions are certain kinds of deductions that are deducted from your income before the adjusted gross income is computed for tax purposes.

Above the line deductions involve items like alimony payments, losses on a property sale and educational expenses. Since above the line deductions are usually subtracted from taxable income, they are beneficial to taxpayers in the sense that they lessen the overall tax burden.



Posted Date: 7/27/2012 1:32:41 AM | Location : United States

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