What are the differences between state and federal tax deductions?
An example of an AI chatbot conversation about state vs federal tax deductions.
What are the differences between state and federal tax deductions?
Federal tax deductions are set by the IRS and apply to your federal income tax, while state deductions vary by state and apply to state income tax.
Can you give me examples of common federal deductions?
Sure! Common federal deductions include mortgage interest, student loan interest, and medical expenses.
What about state deductions? Are they similar?
Yes, state deductions can be similar but vary widely. Some states allow deductions for property taxes or state-specific credits.
How do I know which deductions I can claim?
You can check the IRS guidelines for federal deductions and your state's tax authority website for state deductions.
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