what are all the tax deductions you can think of for income tax, for most people.?

Question

i know if u have kids, thats 1 tax deduction. what else?

only tax income. not business owners.

Answer 1

mortgage interest
real estate taxes
medical expenses
charitable contributions
employee expenses
home office expenses
education, tuition
daycare

keep in mind that all these expenses are subject to different rules and doesnt mean that they can be deductible in full, or at all. some people benefit more by claiming the standard deduction instead of itemizing their deductions.

Answer 2

A kid is not a deducion it's an exemption. I assume you can claim the kid as a dependent and nobody else can, so you'll have 2 exemptions (1 for you and 1 for the kid).

Deductions - everyone get's the standard deducion OR if you have more itemized deductions than your standard deduction you get that in leui of the standard deduction.

Some itemized deductions are as follows:
- Mortgage Interest on primary or secondary residence
- State / Local Taxes
- Sales tax for your purchases throughout the tax year if they are greater than your state taxes (good if you live in a place with no state income tax like FL, TN, NV, TX)
- Charitable contributions
- Certain unreimbursed medical expenses
- certain unreimbursed business expenses

Answer 3

Federal: Long form- Each person in your household has an exemption, not a deduction. You can deduct mortgage interest, property taxes, charitable donations, state income taxes paid, personal property tax paid on cars, etc., college expenses up to a certain amount, and medical expenses over 7.5% of your AGI. Deductions subject to 1% over your AGI are union dues, investment costs like phone calls and magazines, accountant fees.

State: There are so many differences state to state.

Answer 4

1. dr. bills
2. medicine
3. interest on home if paying for it
4. interest on loans that you have for personal use.
5. if working on a job and they require you to have unforms and you pay for them or any kind of equipment you need for youre job.
6. in some cases you can deduct mileage(best to talk to your accounting about this one).

Answer 5

there are only like 4.....

Kids
Medical expences
Education
Home Mortage intrest