Tagged: adjustments to income

Picture of crayons in a line, one of the many supplies used in a classroom. 0

Everything You Need to Know about Deducting Educator Expenses

The Issue: The issue discussed in this article is the pre-AGI deduction available to teachers who purchase books, equipment, and other supplies for use in their classroom. The key questions we’ll discuss in this article include the following: Who qualifies to take the deduction? Which expenses are deductible? What amount of expenses are deductible? How long is the deduction available...

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Moving Expenses Deduction: Are Costs of House-Hunting Deductible?

Under Section 217 of the Internal Revenue Code, any “moving expenses” incurred “in connection with the commencement of work by the taxpayer,” whether employed by a business or self-employed, “at a new principal place of work” is deductible by the taxpayer.[1] The moving expenses deduction is deducted against gross income when calculating a taxpayer’s AGI. It’s commonly understood by taxpayers...

Visualization of tax forms for adjustments to income and itemized tax deductions 0

Tax Adjustments vs. Tax Deductions – What’s the Difference?

Taxpayers often and fairly wonder what the difference is between an “adjustment to income” and a “deduction.” This confusion is often the result of the fact that so much of the time tax adjustments are referred to as deductions as well. In most cases, they’re called a “pre-AGI” or “Above-the-Line” deduction. For example, the so-called “Student Loan Interest Deduction” is...