What are the impacts of tax deductions on my overall tax liability?
An example of an AI chatbot conversation about tax deductions and their effects on tax liability.
What are the impacts of tax deductions on my overall tax liability?
Tax deductions reduce your taxable income, which can lower your overall tax liability. Would you like to know specific deductions?
Yes, what are some common tax deductions I should be aware of?
Common tax deductions include mortgage interest, student loan interest, and medical expenses. Are you interested in any specific category?
I'm particularly interested in deductions for self-employed individuals.
Self-employed individuals can deduct business expenses, home office costs, and health insurance premiums. Do you want details on any of these?
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