What are eligible expenses for tax deductions?

What are eligible expenses for tax deductions?

Eligible expenses for tax deductions include medical expenses, mortgage interest, and certain business costs.

Can you give me examples of medical expenses that are deductible?

Sure! Deductible medical expenses can include hospital bills, prescription medications, and certain long-term care costs.

Are there any limits on how much I can deduct?

Yes, there are limits based on your adjusted gross income. Generally, you can only deduct expenses that exceed 7.5% of your AGI.

What about education expenses? Are they deductible?

Yes, certain education expenses, like tuition and fees, may be deductible or qualify for tax credits.