Heads under which you can avail deductions

2. Deductions: In addition to the standard deduction, some common above-the-line deductions include:
i) Trade/ Business expenses
ii) Alimony
iii) IRA contributions
iv) Net capital losses
v) Expenses incurred due to property used for income generation

Income tax laws are not easy to understand. It is therefore always possible that individuals choosing the standard deduction may or may not be able to take advantage of other deductions.

Keywords: Tax Deductions, Tax Savings, Tax Planning