During the lengthy debate over provisions of the One Big Beautiful Bill Act, we often heard tax deductions described as “above-the-line” or “below-the-line.” What’s the difference? The “line” refers to the place on your tax return that lists adjusted gross income (AGI). Above-the-line deductions reduce income before calculating AGI. This can lower taxable income and help you qualify for other breaks tied to AGI. Examples include IRA contributions, student loan interest and HSA contributions. Below-the-line deductions are taken after AGI, so they reduce taxable income but not AGI. Examples include the standard deduction, itemized deductions and the qualified business income deduction.
Featured Testimonials
-
"Owning my own business, and being a one-woman show, I need the help of others. Trinity Small Business Solutions has shown me that they can bring everything together to be organized, orderly, and easy to manage. Taking the worry out of the equation, lets one do what they need to do, in order to run their business without worry of all the numbers, and paperwork. I look forward to working with them, to help me have a solid foundation, and run my design business with peace of mind."
-
"I am not a fan of taxes and accounting. It’s complicated, tedious, and frustrating! When Trinity took on my bookkeeping and taxes they made my life so much easier. They quick and helpful, whether it was a question about payroll or handling invoicing. I highly recommend Trinity Small Business Solutions!"
-
"I just wanted to thank you for taking care of my bookkeeping. Since you have taken over I have more control and clarity of my balance sheet. I’m also thrilled to have access to QuickBooks Online. Being able to see my P&L online anywhere is great. It’s also so easy to give my financials to my CPA at the end of the year."