The Internal Revenue Service website and Intuit both offer information about tax deductions. Choosing appropriate deductions depends upon whether the taxpayer is an individual or business.Continue Reading
Taxpayers choose to itemize deductions or to take the standard deduction, which is a set amount based on income. Common itemized deductions include medical and dental expenses, deductible taxes, interest expenses, and educational expenses, notes the IRS. The amounts and limitations of these deductions vary each year.
Some deductions are available only to those who make certain payments or contributions, Intuit explains. For instance, the IRS permits taxpayers who contribute to charitable organizations to deduct those contributions provided that they fall within the limitations.Learn more about Income Tax