This article provides important information about tax deductions that people can use whether or not they choose to itemize. People should know about the potential adjustments to income that are available to them. “There are about 20 potential adjustments to income listed on the IRS’s website, but some of these apply to few taxpayers.” There is a list of the more common adjustments that taxpayers can use which are provided in this article. The article also provides a chart with information on how many Americans will typically use these deductions. Some of the deductions discussed in this column, like the IRA deduction, are surprisingly underused. “The bottom line: If you want to lower your tax bill, you should seriously consider contributing to a retirement account this year, and here’s a guide to help you find the best option for you.”
See Matthew Frankel, The Only Tax Deductions Most Americans Can Use, The Motley Fool, April 30, 2016.
