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1 Limitation on Itemized Deductions for Taxpayers with an Adjusted Gross Income Which Form

1 Limitation on Itemized Deductions for Taxpayers with an Adjusted Gross Income Which Form

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hello and welcome to this session in which we will discuss deductions for individual taxpayers think of deductions as expenses for individual taxpayers now in count press to financial accounting we like deductions and taxes we like to have more deductions for tax purposes more expenses why because expenses or deductions lower our taxable income lower the individual taxes or if it's a corporation towards the corporation taxes if it lowers your taxable income obviously it's gonna lower your taxes or your tax bill now we need to understand that for individuals we have two categories of deductions and we're going to have to differentiate between those two categories we have deductions for adjusted gross income don't worry we're going to Define what adjusted gross income shortly sometime known as above the line deductions so deductions that are above a certain line and that line is Agi and you're gonna see why we call it above the line on the

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