Top 4 Types of Tax Deductions

1
Top 4 Types of Tax Deductions
2
Standard Deduction
This is the basic deduction that most taxpayers
can claim. It's a fixed amount determined by the
IRS, and you can choose it if it's higher than
your itemized deductions. The standard deduction
simplifies the tax-filing process.
3
Itemized Deductions
Itemizing allows you to claim deductions for
specific expenses, such as mortgage interest,
medical expenses, state and local taxes, and
charitable contributions. It's essential to keep
records and receipts for these expenses to take
full advantage.
4
Above-the-Line Deductions
These deductions are available before you
calculate your adjusted gross income (AGI). They
include expenses like student loan interest,
educator expenses, and contributions to
retirement accounts. Above-the-line deductions
can reduce your overall income, leading to lower
taxes.
5
Business and Self-Employment Deductions
If you're a business owner or self-employed,
there are numerous deductions available to you.
These can include expenses related to your
business operations, such as rent, utilities,
mileage, and even home office deductions if you
work from home.
6
Expert Tax Services
17185540900