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
Setting personal development goals is usually a much easier task than meeting those goals. Part of the reason for this is that most people do not have a true goal in mind, but rather a fuzzy picture of their goal. Another mistake people tend to make when setting personal goals is that they set too many and space them out too far in the future.
So the first thing you need to do when setting personal goals is to clearly define what your goal is. Want to lose weight? That’s great, but exactly how much weight do you want to lose? Knowing exactly how many pounds you want to lose goes a long way in helping you do just that because you can find a diet and exercise plan that will most effectively help you lose that amount of weight.
Keywords: Self Improvement