Basic Tax Reduction Tips
Tax exemptions include single taxpayer, married taxpayer filing jointly with spouse, married taxpayer filing separately from spouse, head of household taxpayer, taxpayer with children, and taxpayer with other dependent relatives. The two main types of tax deductions are standard deductions and itemized deductions. Standard deductions for (1) a single taxpayer and for married taxpayer but filing separately = $6,300; (2) married and filing jointly taxpayer and qualifying widow or widower = $12,600; (3) head of the household taxpayer = $9,300. On the other hand, for itemized deductions, you save more money on taxes if you itemize your deductions and list them on Schedule A of your tax return.
Top personal tax deductions include mortgage interest and property taxes, charitable donations, medical expenses and health savings account, child and dependent care, 401(K) and IRA contributions, student loan interest, education expenses, job expenses, and home office tax deductions. This infographic also shows the eligible self-employment tax deductions.
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