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Video instructions and help with filling out and completing 1040 line 10
Hey everyone its John your personal tax consultant with a degree in accounting so you've got your gross income figured out and now we move on to adjusted gross income there are a certain number of deductions that you may be able to take to reduce your taxable income which will then in turn reduce your tax obligation for the year some good examples of this include a health savings account deduction if you made a contribution to a health savings account that amount might be deductible there's also a possible deduction for moving expenses if you're required to move houses whether it be out of state or to a new city for a job some of those moving expenses might be deductible another potential helpful deduction is self-employed health insurance deduction you may be able to deduct the entire amount that you pay for yourself and 35 percent of the premiums you pay for your employees for you students out there there's a potential deduction for tuition and fees now for more information on this deduction as well as a potential tax credit for students click on the link above and watch the video once you've determined all the deductions you qualify for add them all up subtract that number from your gross income and you come up with a number we like to call your adjusted gross income otherwise known as your AGI thanks for watching for other tax related videos feel free to follow the link below or any of the links above and be sure to rate comment and subscribe to our channel if you have any requests or suggestions send us an email to request at Mahalo com thanks you.