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Don't miss out on these five most common tax deductions This is because the deduction thresholds are fairly high. For 2010, the standard deduction for married couples filing a joint return is $11,400.
The state and local tax (SALT) deduction allows taxpayers to deduct up to $10,000 of the money they spent on certain state and local taxes — including property, income and sales tax.
For tax year 2023: Households can claim up to 30% of the costs for certain energy-efficiency improvements, up to $1,200 each year, plus a $150 credit for getting a home energy audit. You may also ...
Read on to learn more about the most common tax deductions. 1. Standard Deduction ... The debt must be secured by the home, and the deduction cannot include any part of the home used for business ...
Karen Roach/Shutterstock Just less than one in three taxpayers claim itemized deductions on their tax returns, with the vast majority choosing instead simply to take the standard deduction ...
The SALT Cap: What It Means for Property Tax Deductions. The 2017 Tax Cuts and Jobs Act limits the deduction for state and local taxes, including property, income and sales taxes, to $10,000 per year.
Until the past decade, the home mortgage interest rate deduction was one of the most common tax deductions American homeowners used to boost their refunds. Homeowners were allowed to deduct ...
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