2013 Standard Deduction

Single - $6,100
MFJ - $12,200
2013 Personal Exemption
$3,900
Cash Basis Accounting- is allowed for Individual Taxpayers owning a Business
The Cash Basis Accounting is not allowed for Corporations, Partnerships with a C-Corp Partner,
nor iis it allowed for Inventory.

Deductions to Arrive at Adjusted Gross Income (AGI)

MSA/HAS Contributions
Moving Expenses
Deductible part of Self-Employment Tax
Self-Employed SEP, SIMPLE, and Qualified Plans
Self-Employed Health Insurance Premiums
Investment penalties for early withdrawal
Alimony paid
IRA Deduction
Student Loan Interest – can’t be another taxpayer’s dependent.
Teacher expenses
Moving Expenses
Tuition Expense – Can’t also claim AOC or Lifetime Learning Credit for same expenditures