Video: Adjustments and Deductions to Arrive at Adjusted Gross Income and Taxable Income Overview

In this lesson, Nick Palazzolo dives into the realm of adjustments and deductions as part of the journey from gross income to adjusted gross income and ultimately, taxable income. He makes the complexities of tax preparation more approachable by connecting these concepts to the tax forms they affect, particularly the 1040, simplifying the process of visualizing where deductions apply. Jokes aside, Nick ensures clarity on how to calculate above-the-line and below-the-line adjustments, introduces the QBI deduction and its computation, and prepares for real-world application by analyzing client-provided documentation like W-2s and records of property sales. This session promises a practical approach, equipping with the skills to navigate through potential simulation tasks that involve interpreting and organizing various pieces of financial evidence.