Federal Taxes

What are some notable tax deductions?

State sales tax (especially if you live in a state with no state income tax, you can choose between deducting your state’s income tax or the sales tax); out of pocket charitable contributions (those cash expenses related to your work with a charity, like driving expenses, purchase of food, etc.); student loan interest paid by parents; employment-seeking expenses (as long as they do not exceed 2% of your adjusted gross income); moving expenses to take your first job; health insurance deduction for the self-employed (enabling you to deduct health insurance premiums for you and your family); state income taxes paid; property taxes paid; capital losses; and gambling losses.


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