Here's part 7 of a 15-point tax checklist from Money Central:
Get adjusted. There are certain deductions that are allowed regardless of whether or not you itemize. Such deductions include IRA and Qualified Pension Contributions, Student Loan Interest, Moving Expenses, Alimony, Medical Savings Account deductions, and, for the self employed, the Health Insurance deduction and deduction for Half the Self Employment Taxes paid. These are known as "Above the Line" deductions. The infamous "line" is your Adjusted Gross Income -- line 37 on Form 1040.
I've talked about "above the line deductions" in this blog -- check out Six Don't-Miss Tax Breaks for details.
FMF recommends: H&R Block. Do it yourself or have us do it. It's never been easier.
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