Common Adjustments to Lower your Taxable Income

Adjustments are the amount deducted from your Gross income to create your Adjusted Gross Income

You must meet IRS criteria to claim any of these adjustments

Public & private school system employees can subtract up to $250 for items they purchased for their classroom(s).

Military Reservists, Performing Artists & Fee-Based Government Officials qualify to claim unreimbursed work-related or business expenses.  NOTE:  Requires additional form

For those who put “after tax” money into an eligible Health Savings Account (HSA), you can include the contribution amount here. 

For those who changed employment, moving expenses may be deductible.  NOTE:  Requires additional form

For the self-employed, half of the Social Security & Medicare taxes paid can be subtracted here. 

As an entrepreneur, you now can deduct all or part of your health insurance premiums and long-term care policies payments.  

Alimony paid to former spouse.  NOTE:  Must include name and tax ID number of recipient

Up to $2,500 of the qualified student loan interest is eligible for deduction.

Higher-education tuition and fees also provides an adjustment for up to $ 4,000.  NOTE:  Requires additional form