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  2. Tax deduction - Wikipedia

    en.wikipedia.org/wiki/Tax_deduction

    Above and below the line. Above and below the line refers to items above or below adjusted gross income, which is item 37 on the tax year 2017 1040 tax form. Tax deductions above the line lessen adjusted gross income, while deductions below the line can only lessen taxable income if the aggregate of those deductions exceeds the standard deduction, which in tax year 2018 in the U.S., for ...

  3. Standard deduction - Wikipedia

    en.wikipedia.org/wiki/Standard_deduction

    t. e. Under United States tax law, the standard deduction is a dollar amount that non- itemizers may subtract from their income before income tax (but not other kinds of tax, such as payroll tax) is applied. Taxpayers may choose either itemized deductions or the standard deduction, [1] but usually choose whichever results in the lesser amount ...

  4. Net operating loss - Wikipedia

    en.wikipedia.org/wiki/Net_operating_loss

    Under U.S. Federal income tax law, a net operating loss ( NOL) occurs when certain tax-deductible expenses exceed taxable revenues for a taxable year. [1] If a taxpayer is taxed during profitable periods without receiving any tax relief (e.g., a refund) during periods of NOLs, an unbalanced tax burden results. [2]

  5. 20 valuable small-business tax deductions - AOL

    www.aol.com/finance/20-valuable-small-business...

    For 2023 taxes, you can deduct 65.5 cents per mile. For 2024 taxes, you can deduct 67 cents per mile. If you have only one vehicle and use it for both personal and business needs, you need to ...

  6. Tax Tips: Deductible medical expenses - AOL

    www.aol.com/2008/03/05/tax-tips-deductible...

    If you itemize your deductions on your personal tax return, you may be able to take a deduction for medical expenses you paid during the year. The catch is that you can only deduct the expenses ...

  7. A Guide to Tax Breaks for Medical Expenses for Seniors - AOL

    www.aol.com/guide-tax-breaks-medical-expenses...

    That means if your income for the year is $50,000, you can only deduct the portion of your medical expenses that are more than $3,750. The threshold for deducting these expenses has moved up and ...

  8. Taxation in the United States - Wikipedia

    en.wikipedia.org/wiki/Taxation_in_the_United_States

    The tax allowed deductions for business expenses, but few non-business deductions. In 1918 the income tax law was expanded to include a foreign tax credit and more comprehensive definitions of income and deduction items. Various aspects of the present system of definitions were expanded through 1926, when U.S. law was organized as the United ...

  9. Are My Medicare Premiums Tax Deductible? - AOL

    www.aol.com/medicare-premiums-tax-deductible...

    Yes, Medicare premiums are tax deductible as a medical expense as long as you meet two requirements. First, you must itemize your deductions on your tax return to deduct them from your taxable ...

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