Cut Your Tax Bill With "Above-The-Line" Deductions

Not all tax deductions are created equal. In the world of tax nerds, what is often called “above-the-line” deductions can be much more valuable than “below-the-line” deductions. Therefore in this video, I am going to talk about the 10 best “above-the-line” tax deductions, more officially known as “adjustments to income.”

Disclaimer: Please don’t take this as tax advice. This video has been prepared for informational purposes only. Tax rules are constantly changing, so in order to the latest information, please refer to the IRS Website (https://www.irs.gov/).

Timecodes:

0:00 - Intro
0:26 -“Above-The-Line” Deduction 101
2:35 - 401(k) Contributions
3:49 - IRA Contributions
5:02 - HSA
6:34 - Student Loan Interest Deduction
7:43 - Unreimbursed Educator Expense
8:27 - Early Withdrawal Penalties
9:12 - Business Expense
9:48 - 50% of Self-Employment Tax
10:50 - Self-Employed Retirement Plan Contributions
11:56 - Self-Employed Health Care Premiums

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DISCLAIMER: I am not a financial adviser. These videos are for educational and entertainment purposes only. I am merely sharing my personal opinion. Please seek professional help when needed.