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This is the part of the tax process we like: determining
what you can deduct from your income to reduce what you pay to Uncle
Sam.
The government allows taxpayers to exclude some of
their income from taxes. The majority of files choose the standard
deduction, the amount of which varies depending on your filing status.
For those who have high medical expense, mortgage interest, state
and local taxes, charitable contributions or other allowable expenses,
itemizing can save them tax dollars. There are also some "above-the-line"
deductions to which you may be entitled, so read about them here.
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What you can expect to learn from this chapter: |
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Chapter 3: Deductions
