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2. Deductions: In addition to the standard deduction, some common above-the-line deductions include:i) Trade/ Business expensesii) Alimonyiii) IRA contributionsiv) Net capital lossesv) 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 … Continue reading Heads under which you can avail deductions

The federal income tax deduction is a statutory requirement under the American laws. It has to be paid by all American citizens who fall under the tax bracket as decided by the American government. Taxable income is calculated by removing (a) excluded income, (b) exemptions, and (c) permissible deductions from the individual s gross income. … Continue reading Heads under which you can avail exemptions