Tag Archives: Deductions

AGI and Allowable Deductions

When we use the terms “above-the-line” and “below-the-line,” what does the “line” refer to? The answer is simple: the line is the demarcation between your adjusted gross income and taxable income. Your adjusted gross income (or AGI) is your gross … Continue reading

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Oklahoma Limits Itemized Deductions; Big Hit for Amateur Gamblers

Suppose you’re an Oklahoma resident and enjoy gambling one of the many casinos in the Sooner State. You have $100,000 of gambling winnings and $100,000 of gambling losses. You itemize on your federal return anyway (you have mortgage interest, state … Continue reading

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Limited Tax Deductions May Make Keeping Home Costlier

The elimination of the alimony tax deduction has rightfully received the most attention amongst the recent changes to the federal tax laws. Not being able to deduct your spousal maintenance payments from your federal taxes is changing how divorcees negotiate … Continue reading

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Home Office Deductions for Your Home Business

Photographers often run their photo businesses from their home. If you use part of your home for business, you may be able to deduct expenses for the business use of your home. The home office deduction is available for homeowners … Continue reading

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How TCJA Affects Personal Causality Deductions

With hurricane Florence coming ashore later this week, DBL thought it would be a good time to explain the new application of personal casualty loss under the Tax Cuts and Jobs Act (TCJA).  A personal casualty loss is defined as … Continue reading

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