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Income Tax Planning
Chapter 3: Fundamentals of Income Tax/DEDUCTIONS FROM AGI (BELOW-THE-LINE)
Warren Academy Course SyllabusSyllabus Slides
Chapter Study Session

Chapter 3: Fundamentals of Income Tax

DEDUCTIONS FROM AGI (BELOW-THE-LINE)

01.Core Concepts

• Standard Deduction or Itemized Deductions • Itemized Deductions include: • Medical expenses • Interest • Taxes • Casualty losses • Charitable deductions • Miscellaneous itemized deductions PLUS • Bonus standard deduction for seniors (2025-2028) • Qualified Business Income (QBI) deduction • Charitable contribution deduction for non-itemizers • Tip income, overtime income, car loan interest (2025-2028)