NextPrevious

Taxes

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.



Close

This is a web preview of the "The Handy Personal Finance Answer Book" app. Many features only work on your mobile device. If you like what you see, we hope you will consider buying. Get the App