Tax Deductions

Tax deductions reduce your taxable income, lowering your overall tax liability. They're essential tools for individuals and businesses to save money and maximize refunds.

Types of Tax Deductions:

• Standard Deduction: A fixed dollar amount that reduces the income you're taxed on. Available to most taxpayers who do not itemize deductions.
• Itemized Deductions: Costs that exceed the standard deduction and can be listed on your tax return, including mortgage interest, medical expenses, and charitable contributions.
• Business Deductions: For self-employed individuals and businesses, deductions may include business expenses like office supplies, travel, and client meals.

Important Points:

• Ensure you meet the qualifications for each deduction type to maximize your savings.
• Common deductions include home mortgage interest, student loan interest, and medical costs.
• Tax laws can change yearly, so it’s important to review updated tax deduction limits and eligibility.

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