Why are tax deductions important?
An example of an AI chatbot conversation about the significance of tax deductions.
Why are tax deductions important?
Tax deductions are crucial because they reduce your taxable income, which can lower the amount of tax you owe.
Can you give me some examples of common tax deductions?
Sure! Common tax deductions include mortgage interest, student loan interest, and medical expenses.
How do tax deductions differ from tax credits?
Tax deductions lower your taxable income, while tax credits directly reduce the amount of tax you owe.
Are there any specific deductions for self-employed individuals?
Yes, self-employed individuals can deduct business expenses, home office costs, and health insurance premiums.
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