what are the tax deductions we are entitled to, without having to pay for an accountant?
United Kingdom - 1 Answers
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Answer 1 :
This is a very broad question and it depends on a lot of things. If you own a home, you can deduct interest, real estate taxes. You can deduct personal property taxes, state income taxes, charitable contributions, medical expenses (7.5% of AGI) and many other things. If you can't itemize, you get the standard deduction. there are deductions and credits for college education costs and interest on student loans. If you are self-employed, there are those expenses you have in running your business. My guess is that if you have to ask this question, you don't have a lot of deductions anyway. Get a good tax software, like turbotax or taxact. It will walk you through your tax return and ask you questions about your financial life. Good luck.
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