In this episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, President of Dr. Friday’s Tax and Financial firm, delves into the significance of below-the-line deductions in tax planning. She explains how deductions such as standard or itemized deductions, charitable contributions, medical expenses, and mortgage interest are subtracted from your adjusted gross income to arrive at your taxable income. Emphasizing the importance of maximizing these deductions, Dr. Friday highlights that for most taxpayers, leveraging these deductions is a primary strategy for reducing tax liabilities. She stresses that seeking professional advice is crucial in ensuring these deductions are optimized effectively. The episode ends with a reminder to tune into Dr. Friday’s live call-in show every Saturday on 99.7 WTN for more tax insights.
Transcript
G’day, I’m Dr. Friday, President of Dr. Friday’s Tax and Financial firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Below the line deductions on the other hand are qualified deductions that are subjected from your adjusted gross income to help determine your taxable income so for an example that would be your standard deductions or your itemized like charitable deductions medical expense mortgage interest these can all help reduce your income very important guys we want to reduce as much as possible making sure that you’re maximizing those deductions is the only way you’re going to save tax dollars most of us don’t have a lot of other ways to reduce our taxes so if you need help call me 615-367-0819.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.