Above the Line

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Above the Line

1. Income and expenses a company incurs in its day-to-day operations. Above the line items increase or decrease the company's profit. These items are called above the line because they do not deal with how profits or losses are distributed. See also: Below the line.

2. Advertising in which a company buys space or airtime as opposed to only paying commissions on the revenue earned from the advertising. For example, a commercial on television is above the line, while telemarketing is not.

3. A tax deduction one takes on one's gross income instead of one's adjusted gross income.
References in periodicals archive ?
OMD, which was retained on the above-the-line media planning and buying account at the end of 2014, will service the brand's SEM needs from Dubai, with hubs in China, Germany, Russia and the UK.
Above-the-line deductions offer two key advantages.
The extenders also include an above-the-line deduction for schoolteachers in kindergarten through high school who spend their own money on books and supplies for the classroom.
If a taxpayer uses funds withdrawn from a 529 plan to pay qualified tuition or related educational expenses, the taxpayer is allowed to take the above-the-line IRC section 222 deduction or utilize the American Opportunity tax credit or Lifetime Learning tax credit, subject to the phaseout rules.
However, an above-the-line deduction is permitted for one-half of the self-employment tax paid by an individual and attributable to a trade or business carried on by the individual (not as an employee).
And don't forget that if you're self-employed, the cost of the high-deductible health plan tied to your HSA is also an above-the-line deduction.
AN ABOVE-THE-LINE tax deduction for long term care insurance premiums--a top federal legislative priority for life insurance agents--is unlikely to be approved by the incoming Democratic-controlled Congress, says the top lobbyist for the National Association of Insurance and Financial Advisors.
The tax treatment of damages and legal fees and costs varies according to the type of underlying claim, Congressional action providing an above-the-line deduction for legal fees for discrimination claims and a recent Supreme Court decision in Commissioner v.
The IRS stated in an article that an S corporation's sole shareholder-employee cannot purchase health insurance in his or her own name and still be eligible for the above-the-line deduction under Sec.
Students can no longer take an above-the-line deduction for education expenses.
Above-the-line deduction for qualified expenses incurred by elementary and secondary school teachers;
includes supervision in an above-the-line item in all estimates, along with temporary sheds, jobsite toilets, fencing, hauling expenses, and final cleanup costs.