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2. Above-the-line deduction - Wikipedia

   en.wikipedia.org/wiki/Above-the-line_deduction

   Below-the-line deductions are subtracted from a taxpayer's adjusted gross income. Above-the-line deductions may also be subject to income-sensitive phaseouts or limitations, e.g., MAGI limits on the tuition and fees deduction. Certain below the line deductions are also phased out for high income taxpayers pursuant to Internal Revenue Code ...

3. Itemized deduction - Wikipedia

   en.wikipedia.org/wiki/Itemized_deduction

   If the amounts of the itemized deductions and the standard deduction do not differ much, the taxpayer may take the standard deduction to reduce the possibility of adjustment by the Internal Revenue Service (IRS). The amount of the standard deduction cannot be changed following an audit unless the taxpayer's filing status changes.

4. Casualty loss - Wikipedia

   en.wikipedia.org/wiki/Casualty_loss

   Itemized Deduction: Casualty losses are generally claimed as an itemized deduction on Schedule A of Form 1040, rather than being available as a standard deduction. This means you must forego the standard deduction and have enough total itemized deductions to exceed it in order to benefit from the casualty loss deduction.

5. What Is a Tax Deduction and How Do Tax Deductions Work? - AOL

   www.aol.com/tax-deduction-tax-deductions...

   Tax deductions lower your taxable income, which reduces the amount of income tax you’re required to pay. Most tax deductions are expenses that you pay either to generate income or provide a ...

6. Retirees 65 and Older Eligible for Extra Standard Deduction ...

   www.aol.com/retirees-65-older-eligible-extra...

   So when claiming your standard deduction for 2023, you can take a higher standard deduction amount if you were born before Jan. 2, 1959. Also: The Average Retirement Age in 2023 in the US vs Canada.

7. State and local tax deduction - Wikipedia

   en.wikipedia.org/wiki/State_and_local_tax_deduction

   To claim the deduction, taxpayers must itemize their deductions on Schedule A of Form 1040. There is a $10,000 limit on the SALT deduction, or $5,000 for a married person filing a separate return. There is a $10,000 limit on the SALT deduction, or $5,000 for a married person filing a separate return.