What Can Reduce Gross Income Flashcards
1
Q
Items that can reduce gross income include:
A
Business expenses, such as supply costs, gas mileage or equipment rental fees
2
Q
Moving expenses
A
College tuition or student loan interest
3
Q
Contributions to certain retirement accounts
A
Penalties from financial institutions for early withdrawal of savings
4
Q
Health care savings account deductions
A
Jury duty pay sent directly to the juror’s employer
5
Q
Alimony payments
A
Deduction for half the self-employment tax
