| Many tax payers elect to file the 1040EZ form | | | | your household. For each person you get to deduct a |
| because it is easier, but they are missing out on | | | | certain amount from your income. The next deduction |
| income tax deductions that can give them a much | | | | most people can take is mortgage interest. If you own |
| larger income tax return. Read on to see what the | | | | your own home, the amount of money you pay every |
| usual income tax deductions are and see if you are | | | | month on interest can be deducted from your income. |
| claiming all of them. When you are ready to file your | | | | If you donate to charity, and most people do, you can |
| taxes, check out the link at the bottom to see how | | | | deduct this as well. That means that all the money you |
| you can get your taxes filed for free. | | | | donate to your church every Sunday reduces the |
| If you decide to skip all the income tax deductions and | | | | amount of taxes you have to pay. Student loans are |
| file a 1040EZ tax return, you will be given a standard | | | | another common source of income tax deductions. |
| deduction based on your filing status. This is the | | | | You are allowed to deduct the interest portion of your |
| amount that gets deducted from your income before | | | | student loans. Other deductions that are less common |
| determining how much tax you should have paid. If you | | | | include medical expenses and expenses related to |
| don't have a mortgage or any other tax deductible | | | | child care, but you should really consult a tax |
| expenses, this is probably the way to go, but if you | | | | professional if you plan to go beyond the usual |
| have deductions, you could be costing yourself tons of | | | | deductions. |
| money. | | | | Hopefully this quick list of income tax deductions will |
| There are tons of legal income tax deductions you | | | | help you identify all the things you can deduct from |
| can claim, especially if you have a small business, but | | | | your income to reduce the amount of money you owe |
| following are the deductions most people can take. | | | | the government. |
| The first deduction is based on how many people in | | | | |