What are the different types of tax deductions?
An example of an AI chatbot conversation about tax deduction types.
What are the different types of tax deductions?
There are several types of tax deductions, including standard deductions, itemized deductions, and above-the-line deductions.
Can you explain what itemized deductions are?
Itemized deductions allow taxpayers to deduct specific expenses like mortgage interest, property taxes, and medical expenses.
What qualifies for above-the-line deductions?
Above-the-line deductions include expenses like student loan interest, retirement plan contributions, and certain educator expenses.
How do I decide between standard and itemized deductions?
You should choose the option that gives you the highest deduction. Compare your total itemized deductions to the standard deduction amount.
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