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a tax deduction lowers our taxable income and thus reduces our tax liability however not all tax deductions are created equal in the world of tax nerds what is often called above the line deductions can be much more valuable than below the line deductions therefore in todayamp;#39;s video weamp;#39;re going to talk about the 10 best above the line tax deductions more officially known as adjustments to income you want to be aware of if youamp;#39;re new to China my name is Tay from Financial tortoise where we learn to grow our wealth slow and steady before we get to our 10 best above the line deductions let me briefly give you an overview of deductions in general and please note Iamp;#39;m not an accountant and this is not tax advice just information to help you increase your overall tax knowledge when we first sat down to calculate our taxes we normally start out with our gross income gross income includes all your wages dividends capital gains business income retirement distributi