Explore: Miscellaneous Deductions

additional income. Tax deductions are a form of tax incentives, along with exemptions and tax credits. The difference between deductions, exemptions, and credits

income (AGI), taxpayers can itemize deductions (from a list of allowable items) and subtract those itemized deductions from their AGI amount to arrive at

income less deductions from a business or rental activity and 21 other specific items. Several deductions (e.g. medical expenses and miscellaneous itemized

life insurance, deductions for certain retirement accounts, or deductions for FSA or HSA accounts. After-tax deductions are deductions that are occur after

deductions such that deductions for depreciation, amortization, or depletion are excluded when calculating adjusted taxable income. The 20% deduction

that a taxpayer can deduct "miscellaneous itemized deductions" only to the extent that the aggregate of such deductions exceed two percent of the taxpayer's

in corporate tax rates through March 31, 1955, increased depreciation deductions by providing additional depreciation schedules, and created a 4 percent

individuals for state taxes, Most miscellaneous itemized deductions are not allowed for individuals, Depreciation deductions are computed differently, and

interest deductions. This broadens the base of taxable items. Many deductions, such as mortgage home loan interest and charitable deductions, are still

topics from preliminary definitions to miscellaneous provisions, and includes 16 schedules on exemptions, deductions, and procedural rules. Income-tax Act