In this one-minute moment, Dr. Friday explains the importance of below the line deductions in reducing your taxable income. These qualified deductions, such as standard deductions, charitable contributions, medical expenses, and mortgage interest, are subtracted from your adjusted gross income to determine your taxable income. Maximizing these deductions is crucial for saving tax dollars, as most individuals have limited options for reducing their taxes. Dr. Friday encourages listeners to seek help if needed to ensure they are making the most of their available deductions.
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.
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 right here on 99.7 WTN.