What deductions can I claim on my taxes this year?
An example of an AI chatbot conversation about tax professional advice.
What deductions can I claim on my taxes this year?
You can claim various deductions such as mortgage interest, student loan interest, and medical expenses. Do you have specific expenses in mind?
I paid for medical expenses and some charitable donations. Can I deduct those?
Yes, you can deduct qualified medical expenses that exceed 7.5% of your adjusted gross income, and charitable donations are also deductible if you itemize your deductions.
What documents do I need to provide for these deductions?
You'll need receipts for medical expenses, proof of donations, and any relevant tax forms like 1098 for mortgage interest.
Is there a limit on how much I can deduct for charitable donations?
Yes, generally you can deduct up to 60% of your adjusted gross income for cash donations, but it varies based on the type of donation.
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