Q:

What are some common income tax deductions?

A:

Quick Answer

Some common income tax deductions claimed by filers include mortgage interest paid, state and local property taxes, charitable contributions and even work expenses, as stated by intuit.com. Filers often take as many deductions as possible to lower their annual taxes.

Continue Reading

Full Answer

The Internal Revenue Service makes different kinds of tax deductions available to individuals and businesses, as stated on irs.gov. These deductions can be viewed on the IRS website under the "Credits & Deductions" tab. Some of the most commonly used deductions may be explored under "Individual Deductions" on this page. This includes "Itemized Deductions," like home mortgage interest and a range of "Work-Related" deductions.

Learn more about Income Tax
Sources:

Related Questions

Explore