What are tax deductions and how do they work?
An example of an AI chatbot conversation about understanding tax deductions and their benefits.
What are tax deductions and how do they work?
Tax deductions are expenses that you can deduct from your total taxable income, reducing the amount of income that is subject to tax.
Can you give me some examples of common tax deductions?
Sure! Common tax deductions include mortgage interest, student loan interest, medical expenses, and charitable contributions.
How do I know if I qualify for these deductions?
Eligibility for tax deductions often depends on your income level, filing status, and specific expenses. It's best to consult the IRS guidelines or a tax professional.
What happens if I claim a deduction I'm not eligible for?
If you claim an ineligible deduction, you may face penalties, interest on unpaid taxes, and potential audits. It's important to ensure you're eligible before claiming.
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