What are common tax deductions?
An example of an AI chatbot conversation about common tax deductions for individuals and businesses.
What are some common tax deductions I can claim?
Common tax deductions include mortgage interest, student loan interest, medical expenses, and charitable contributions.
Can I deduct my home office expenses?
Yes, if you use part of your home exclusively for business, you can deduct home office expenses.
What about medical expenses? How much can I deduct?
You can deduct medical expenses that exceed 7.5% of your adjusted gross income (AGI). Make sure to keep all receipts!
Are there any deductions for self-employed individuals?
Absolutely! Self-employed individuals can deduct business expenses, health insurance premiums, and retirement contributions.
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