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Common Tax Deductions
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Common tax deductions:

  • Medical Expenses that exceed 10% of Adjusted Gross Income 
  • State income taxes or state sales tax paid
  • Property taxes
  • Personal property taxes
  • Interest paid on money borrowed to invest (a risky strategy we do not recommend)
  • Mortgage interest
  • Charitable donations (dollars, goods and mileage)
  • Casualty and Theft Losses
  • Miscellaneous Expenses that exceed 2% of Adjusted Gross Income these include: 
Tax preparation fees, Safety deposit box rental, Unreimbursed employee business expenses, PlanningforaFuture.com subscription and other investment advisory fees

 


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