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When it comes to federal income taxes, your goal needs to be to pay only what’s appropriate, nothing more. Since your tax liability is calculated by your income, the best way to reduce the taxes you owe is to reduce your income. Of course, you want to do this without technically reducing your income. You can do this by taking certain above-the-line tax deductions.

Above-the-line-tax deductions are basically like tax deductions that are adjustments to your income. They’re called above-the-line because they are reduced on the first page of the tax return just above the bottom line. These deductions limit your adjustable gross income and ultimately decrease your tax liability.

The list below are a few above-the-line tax deductions that are discussed in our Internet Marketing Domain Tax GuideTax Guide which you can consider if you are eligible.

• Moving expenses, if you relocated for employment purposes.

• Self-employment. Half the total of taxes that are paid to Social Security and Medicare.

• Self-employed retirement plans.

• Self-employed health insurance. The total cost you fund in health insurance premiums not only for yourself, but for your spouse and dependents as well. Even contributions towards long-term care policies are included.

• Penalties paid for early withdrawal of savings. The account manager of such an account should send you a 1099-INT or 1099-OID form including the early withdrawal penalty.

• Alimony payments. If you became divorced and paying alimony, you can deduct these payments from your income. You must include your ex-spouse’s social security number; otherwise the deduction might be disallowed.

• IRA deductions for amounts contributed to traditional IRAs for people who are self-employed.

• Student loan interest. Up to $2,500 in student loan interest paid can be deducted for single filers making $65,000 or less or joint filers making $135,000 or less.

• Jury duty pay if it was turned over to your employer.

Individuals can obtain many of these above-the-line tax deductions by using the long form, 1040. If you would rather use the short from, 1040A, you may still utilize some of these deductions. Early account withdrawal penalties, IRA contributions, student loan interest and jury pay are the above-the-line-tax deductions that may be claimed on the 1040A tax return. Consult with your personal tax consultant for more details or check out this Internet Domain Tax Guide Reviews.