Take “above the line” deductions

Posted on Aug 12, 2011

The majority of taxpayers take the standard deduction rather than itemizing deductions on their tax returns. But there are deductions “above the line” that both itemizers and nonitemizers can take. These include the $250 educator’s deduction for buying classroom supplies and deductions for student loan interest, tuition expenses, job-related moving costs, self-employment taxes, and alimony. Need details? Call us.