As a legal assistant, I am happy to provide information on what deductions you can claim on your taxes.
The IRS allows taxpayers to claim deductions for expenses incurred during the tax year, which can reduce their taxable income and ultimately lower their tax bill. Some common deductions that taxpayers can claim include:
- Home mortgage interest: You can deduct the interest paid on a mortgage for your primary residence, up to a maximum of $750,000.
- State and local taxes: You can deduct up to $10,000 in state income, sales, and property taxes.
- Charitable contributions: You can deduct donations made to qualified charitable organizations.
- Medical expenses: You can deduct eligible medical expenses that exceed 7.5% of your adjusted gross income (AGI).
- Education expenses: Taxpayers can claim up to $4,000 in student loan interest or up to $2,500 in tuition and fees for qualified education expenses.
It is important to note that there are limitations and exceptions for claiming deductions, and taxpayers should consult with a licensed tax professional to ensure that they are correctly claiming deductions on their tax return. Additionally, it is important to maintain accurate records of all expenses being claimed as deductions, in the event of an IRS audit.
I hope this information was helpful, but please keep in mind that this is general information and not intended to be legal advice. It is always recommended to consult with a licensed tax professional for personalized advice on your specific situation.
By
