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Tax Deductions Overview
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Moving Expenses Deduction (for military)
Members of the Armed Forces can deduct some moving expenses related to a permanent change of station.
Capital Loss Deduction
If you sell capital assets for less than the purchase price, the losses can offset your capital gains or other income.
Charitable Contributions Deduction
Donations you make to qualified organizations can be deducted from your taxable income.
Adoption Expenses Deduction
Qualified adoption expenses can be subtracted from your taxable income up to a limit and subject to certain conditions.
Work-Related Education Expenses Deduction
Expenses for education that maintains or improves job skills may be deductible if they meet certain requirements.
Foreign Earned Income Exclusion
A certain amount of income earned abroad can be exempt from US taxes, subject to various qualifications.
Business Expense Deduction
Expenses that are necessary and ordinary for your business can be deducted to reduce taxable income.
Medical and Dental Expenses Deduction
Portion of your medical and dental expenses that exceed 7.5% of your adjusted gross income can be deducted.
Retirement Savings Contributions Deduction
Contributions to certain retirement savings accounts can be deducted, thus lowering your taxable income.
Self-Employment Tax Deduction
Self-employed individuals can deduct the employer-equivalent portion of their self-employment tax.
Casualty and Theft Losses Deduction
Losses from casualties or thefts can be deductible if they are not reimbursed by insurance.
Energy Efficient Improvements Deduction
Certain energy-efficient improvements to your property might be eligible for tax deductions or credits.
Qualified Business Income Deduction
A percentage of qualified business income from a pass-through entity can be deducted up to a certain threshold.
Real Estate Property Depreciation
Owners of investment real estate can depreciate the building's cost over a set period, reducing income from the property.
State and Local Taxes Deduction
You can deduct state and local property, income, and sales taxes up to a certain limit.
Health Savings Account (HSA) Deduction
Contributions to a qualified HSA can be deducted from your taxable income.
IRA Deduction
Contributions to a traditional Individual Retirement Account may be fully or partially deductible.
Student Loan Interest Deduction
Interest paid on a qualified student loan for higher education can be deducted, with income limitations.
Home Office Deduction
If you use part of your home regularly and exclusively for business, you might deduct expenses related to this portion.
Standard Deduction
A fixed dollar amount that reduces the income you're taxed on, which varies depending on your filing status.
Itemized Deductions
Specific expenses that can be deducted from your taxable income, like mortgage interest or medical expenses.
Home Mortgage Interest Deduction
Interest you pay on a loan secured by your home can be deducted, with some limitations.
Educational Expenses Deduction
Certain educational expenses, such as tuition and fees, can be deducted to lower your taxable income.
Alimony Payments Deduction
Payments made under a divorce or separation agreement may be deductible if certain conditions are met.
Domestic Production Activities Deduction
This deduction was available for income from domestic production activities but has been repealed after 2017.
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