Business & Finance Taxes

Standard Income Tax Deductions

    Student Loan Deduction

    • A student or parent of a dependent student can claim up to a $2,500 deduction for the interest paid on a student loan.

    Tuition and Fees Deduction

    • A student or parent of a dependent student can claim up to a $4,000 deduction for tuition and fees.

    Moving Expenses

    • If you move because of a new job that is at least 50 miles farther from your home than your current job, the costs associated are deductible.

    Traditional IRA Contributions

    • If you meet income requirements, contributions to a traditional IRA are deductible.

    Contributions to Health Savings Accounts (HSAs)

    • Contributions to HSAs can be deductible.

    Alimony

    • Alimony is tax deductible.



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