What items are eligible for tax deductions?

What items can I deduct on my taxes this year?

You can deduct various items such as medical expenses, mortgage interest, and charitable donations. Would you like details on any specific category?

Yes, what about medical expenses?

Medical expenses are deductible if they exceed 7.5% of your adjusted gross income. This includes costs like surgeries, prescriptions, and certain long-term care expenses.

Are there limits on how much I can deduct for charitable donations?

Yes, you can generally deduct up to 60% of your adjusted gross income for cash donations to qualified charities. However, there are different limits for other types of donations.

What about business expenses? Can I deduct those?

Absolutely! Business expenses like office supplies, travel, and equipment can be deducted. Just ensure they are necessary and ordinary for your business.