![]() Health insurance premiums (Line 17): If you’re self-employed, you may be able to deduct 100% of the money you’ve spent on health insurance premiums.Retirement plan contributions for the self-employed (Line 16): Contributions made into your SEP-IRA or Keogh plan can be deducted.Part of your taxes that go towards Medicare and Social Security can be deducted. ![]() Part of your self-employment tax (Line 15): If you’re a small business owner, this is a big one.Moving expenses (Line 14): Moving expenses changed under the TCJA and now only apply to active members of the military.Contributions to health savings accounts (Line 13): You can deduct a portion of your HSA contributions for the year.Professionals working in performing arts and fee-basis public officials can also write off some business expenses. Certain business expenses (Line 12): National Guard and military reservists who’ve traveled more than 100 miles from home in a professional capacity during the tax year can write off travel expenses.That number jumps to $500 if you’re married and you’re both educators. Educator expenses (Line 11): If you’re an educator or run an education-related business, you can deduct as much as $250 for classroom expenses.To summarize, here’s what you can still deduct: You can see a complete rundown of what’s changed by looking at pages 84-91 on the 1040 Instruction Guide. ![]() If you’ve been itemizing above-the-line deductions for years now, understand that the recent implementation of the Tax Cuts and Jobs Act (TCJA) has changed what can be deducted above-the-line on your tax return.
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