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Enrolled Agent (Tax Studies) > What Can Reduce Gross Income > Flashcards

Flashcards in What Can Reduce Gross Income Deck (5)
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1
Q

Items that can reduce gross income include:

A

Business expenses, such as supply costs, gas mileage or equipment rental fees

2
Q

Moving expenses

A

College tuition or student loan interest

3
Q

Contributions to certain retirement accounts

A

Penalties from financial institutions for early withdrawal of savings

4
Q

Health care savings account deductions

A

Jury duty pay sent directly to the juror’s employer

5
Q

Alimony payments

A

Deduction for half the self-employment tax