Archive | Above the Line Deductions

Deductions Alimony – Killer Guidelines From Joe Mastriano, CPA.

Alimony – Tax Deductible Alimony payments, under certain circumstances, can be deducted from your gross income. They become taxable on your former spouse’s tax return. Deductions Alimony – Qualifications These periodic payments made from husband to wife or from wife to husband are deductible, if one of the following criteria is met: The payments are […]

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Employee Business Expenses – Killer IRS Deduction Help

Employee Business Expenses – Employee / Employer If your employer has an accountable plan, you will be able to receive all your allowable deductions. You have to report any employee business expenses and documents to your employer, including the amounts that exceed your employee business expenses or the amounts your employer still owes you.Your employer […]

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Employee Business Expenses Actors – Killer IRS Information

Employee Business Expenses Actors – Qualifications In order to reduce their taxable income, actors and other performing artists can deduct their expenses related to the performance of the services provided.A performing artist can claim this deduction if he has performed services in the performing arts for at least two employers during the year.In addition, the […]

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Health Insurance Deduction For Self Employed Individuals

If you have self-employment income you may be able to claim a health insurance deduction on your tax return for yourself, your spouse, or your dependent. Health Insurance Deduction Calculation In order to determine your allowable health insurance deduction, you have to subtract half of your self-employment tax, and any retirement contributions you make to […]

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Retirement Plan Payments Killer Explanation And Detailed Guidelines

Retirement Plan Payments Tax Deductions Explained. If you have self-employment income and you decide to set up a retirement plan, you can get a tax deduction for the contributions you make to your retirement plan.The above the line deduction for your retirement plan payments may reduce your income tax. Generally, the retirement funds are not […]

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Self-Employment Tax Killer Explanation And Assistance

The Self-Employment Tax – IRS Definition Self-employment tax is a social security and Medicare tax primarily for individuals who work for themselves. It is similar to the social security and Medicare taxes withheld from the pay of most wage earners. Self Employment Tax Calculation If you are self-employed, you can determine your self-employment tax using […]

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