What are tax deductions?
An example of an AI chatbot conversation about tax deductions and their benefits.
What are tax deductions?
Tax deductions are expenses that you can subtract from your total taxable income, reducing the amount of tax you owe.
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 a tax deduction?
Qualification for tax deductions often depends on your income, filing status, and the specific deduction rules set by the IRS.
Are there any limits on how much I can deduct?
Yes, some deductions have limits, while others may phase out based on your income level. It's best to check the IRS guidelines.
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