Taxpayers can take certain deductions, called above-the-line deductions, even if they don't itemize. That means they don't have to spell out every deduction on their tax return. Instead ...

The Child Tax Credit for 2024 is a tax benefit that provides financial relief to families with qualifying dependent children.

Personal tax deductions are available both above and below the line. Business tax deductions are allowed for ordinary and necessary business expenses. In one case, breast implants were deemed a ...

Because the CARES Act deduction is a universal above-the-line deduction, you can list your contribution as an adjustment to income on your taxes. In short, with the CARES Act, if you donate up to ...

But there are several so-called “above-the-line” deductions that all taxpayers can still take to reduce their taxable income, ...

Tax deductions can work both as above-the-line deductions or as itemized deductions. Above-the-line deductions are applied to your adjusted gross income (AGI) even if you claim the standard ...

Trade and business expenses and rental-activity expenses are known as “above-the-line” deductions. Other deductions, referred to as “below-the-line” or “miscellaneous itemized deductions ...

So below-the-line deductions are adjustments you’re allowed to make after calculating your taxable income. Above-the-line deductions are adjustments you’re allowed to make before you calculate ...

Taxpayers used to have two options for claiming job-related expenses as a tax deduction: an above-the-line deduction or an itemized deduction for unreimbursed job expenses for W-2 income.