Truth 13. Deducting without itemizing
Most taxpayers claim the standard deduction. But every tax-filing season, these folks tend to get overlooked since the focus is on tax tips for those who itemize deductions.
Yes, there is a lot to be covered for Schedule A filers. But even taxpayers who take the standard deduction have a chance to lower their tax bills by claiming what are popularly known as above-the-line deductions.
These technically are adjustments to income. They’re found in the section titled Adjusted Gross Income at the bottom of the first page of Form 1040. A few also show up in the same section on Form 1040A.
The above-the-line label comes because the total of these adjustments is tallied just before the last line ...
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