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Deductions
Tutorial Home >Internet >Online services >Electronic Tax Filing (e-file) >How do I provide deduction information when e-filing?
Tutorial Home >Internet >Online services >Electronic Tax Filing (e-file) >Step-by-Step e-filing >Deductions | |
| | This next topic deals with deduction, which are very important to lowering your total tax due. Itemizing can save you a great deal of money on your taxes, if you qualify. For example, if you have extensive medical or dental expenses, you may qualify to deduct some of them from your taxes. Your expenses must exceed 7.5% of your adjusted gross income before you can deduct them, however. | | | |
| | Mortgage interest is one of the best tax deductions for a homeowner. It's particularly attractive if you have a high loan balance or live in a state where housing costs are high. It's possible to deduct mortgage interest on a principal residence, second home, or rental property. If you refinance or take out a home equity loan, you may qualify as well.
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| | In the next few screens, you'll enter information on other deductions such as state and local taxes, charitable contributions, and investment interest expenses (such as margin interest). | | | |
| | If you're an employee, you may be entitled to certain deductions related to your job. The main criterion is that you can only deduct what's over 2% of your adjusted gross income. | |
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