When it comes time to file your taxes, you may be wondering what deductions you’re eligible for. Depending on your situation, there are a variety of deductions you may be able to take advantage of. Here are some of the most common deductions:
1. Mortgage Interest Deduction – If you own a home and have a mortgage, you may be able to deduct the interest you pay on your loan.
2. State and Local Taxes – You can deduct the state and local taxes you paid during the year, including income, property, and sales taxes.
3. Charitable Contributions – If you made any donations to qualifying charitable organizations, you may be able to deduct them on your taxes.
4. Retirement Savings – You can deduct contributions you made to a retirement account, such as a 401(k) or IRA.
5. Medical Expenses – If you have high medical expenses, you may be able to deduct a portion of them on your taxes.
6. Student Loan Interest – If you have student loans, you may be able to deduct the interest you paid on your loans during the year.
7. Business Expenses – If you have any business-related expenses, you may be able to deduct them on your taxes.
These are just a few of the most common deductions people take advantage of when filing their taxes. Talk to your tax advisor to see if you’re eligible for any of these deductions, or others that may be available to you.
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