Federal Taxes

What are some typical deductions that we may use?

Typical deductions may include contributions to an IRA or retirement plan, student loan interest, capital losses, home mortgage interest, home equity financing, state and local taxes (including property taxes), medical expenses (if greater than 7.5% of your adjusted gross income), charitable contributions (cash and non-cash), unreimbursed business expenses (like license fees, travel expenses, meals, car expenses, education), job search expenses, and casualty and theft losses.

Women participate in a run for a breast cancer research fund raiser. This and many other nonprofit activities are tax deductible.


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