What it means: You'll be able to reduce your taxable income. But you won't be reducing your adjusted gross income when you claim these special deductions, said Tom O’Saben, an enrolled agent and director of tax content and government relations for the National Association of Tax Professionals.All four of these tax deductions created in the One Big Beautiful Bill Act, which was signed into law by President Donald Trump on July 4, will be treated as what's called a "below-the-line deduction."Seniors are looki ...