What are other tax-deductible expenses?
An example of an AI chatbot conversation about tax-deductible expenses beyond the basics.
What are some other tax-deductible expenses I should know about?
In addition to common deductions like mortgage interest and charitable donations, you can deduct expenses like medical costs, certain business expenses, and even some educational expenses.
Can you give me examples of business expenses that are deductible?
Sure! Deductible business expenses can include office supplies, travel expenses, and even a portion of your home if you have a home office.
What about medical expenses? Are there limits?
Yes, medical expenses are deductible, but only the amount that exceeds 7.5% of your adjusted gross income (AGI) for the tax year.
Are there any specific educational expenses I can deduct?
Yes, you can deduct tuition and fees, student loan interest, and certain costs related to work-related education.
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