Explore BrainMass

Explore BrainMass

    We are identifying various deductions such as itemized deduc

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    We are identifying various deductions such as itemized deductions and business deductions. How do these expenses and other expenses affect adjusted gross income (AGI) and taxable income?

    © BrainMass Inc. brainmass.com June 4, 2020, 1:51 am ad1c9bdddf
    https://brainmass.com/business/accounting/identifying-various-deductions-itemized-deduc-423215

    Solution Preview

    We are identifying various deductions such as itemized deductions and business deductions. How do these expenses and other expenses affect adjusted gross income (AGI) and taxable income?

    There are basically two types of deductions - those taken before AGI, and those taken after AGI. The deductions taken before AGI, that actually reduce gross income are things like self-employed health insurance, SEP and IRA contributions, health savings account ...

    Solution Summary

    We are identifying various deductions such as itemized deductions and business deductions. How do these expenses and other expenses affect adjusted gross income (AGI) and taxable income?

    $2.19

    ADVERTISEMENT