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Diminish your taxes with deductions and credits

Deductions and credits offer many opportunities to cut your tax bill. Deductions come into play before you figure your tax bill, credits after you see what the tax damage is. Both methods can save you tax dollars, so don't miss a one!

 
Before you begin ...
Which deduction method should you use: itemized or standard?
  
Deductions for itemizers ...
Medical expenses

 

Using taxes to cut taxes

 

Charitable donations

Home mortgage points 
Disaster losses 
Employment expenses  
 
  
Deductions for nonitemizers ...
IRA contributions

 

Educator expenses

 

Alimony paid

 

Student loan interest 
Tuition and fees 
Moving expenses 
  
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Tax breaks for special cases ...
Stock losses  
Worthless stock  
Foreign taxes 
Home-office expenses 
Elderly and the blind 

Environment-friendly autos

  
Tax credits ...
Child tax credits 
Adoption tax credit 
Education tax credits 
Child/Dependent care credit 
Retirement savings credit 
Earned income tax credit

How tax credits work

  

 

 
-- Updated: May 1, 2005
   

 

 
 

 

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