What are some common deductible expenses I should know about?
An example of an AI chatbot conversation about common deductible expenses for tax purposes.
What are some common deductible expenses I should know about?
Common deductible expenses include mortgage interest, property taxes, medical expenses, and charitable donations.
Are there any specific limits on these deductions?
Yes, some deductions have limits. For example, medical expenses must exceed 7.5% of your adjusted gross income to be deductible.
What about business expenses? Can I deduct those?
Absolutely! Business expenses like office supplies, travel costs, and employee wages are generally deductible.
How do I keep track of these expenses for tax purposes?
You can use accounting software, keep receipts, and maintain a detailed log of your expenses to simplify tracking.
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