Tax deductions are expenses that you can subtract from your taxable income, which can lower the amount of taxes you owe. Some common sources of tax deductions include:
Charitable contributions: Donations to qualifying charities and non-profit organizations can be tax-deductible.
Homeownership: Mortgage interest, property taxes, and certain home improvement expenses can be deducted.
Medical expenses: Some medical expenses that exceed a certain percentage of your income can be deducted.
Education expenses: Certain education expenses, such as tuition and student loan interest, may be tax-deductible.
Retirement contributions: Contributions to retirement accounts such as 401(k)s or IRAs may be deductible.
Business expenses: If you own a business, you can deduct expenses related to running your business, such as office supplies, travel expenses, and rent.
State and local taxes: State and local income taxes, property taxes, and sales taxes may be deductible.
It's important to note that not all expenses are tax-deductible, and the rules around tax deductions can be complex. It's a good idea to consult with a tax professional or use tax preparation software to ensure you are claiming all the deductions you are eligible for