Tax deductions reduce your taxable income, but not all deductions are created equal. Above-the-line deductions can be more valuable than below-the-line deductions because they can help you qualify for ...

The Fast Company Impact Council is an invitation-only membership community of top leaders and experts who pay dues for access to peer learning, thought leadership, and more. There’s no longer an above ...

Until enactment of the One Big Beautiful Bill Act, officially P.L. 119-21, the availability of a below-the-line deduction that was not the standard deduction or an itemized deduction was a rare event.

Janet Berry-Johnson, CPA, is a freelance writer with a background in accounting and income tax planning and preparation for individuals and small businesses. Her work has appeared in Business Insider ...