What Expenses Can Be Claimed on a Tax Return?
The IRS allows hundreds of tax deductions and adjustments for expenses. Knowing all of the qualifying expenses that you can claim on your tax return can help you reduce your taxable income, saving you hundreds of dollars. Some expenses require you to itemize, so be sure that the expenses will equal more than the standard deduction since you cannot claim the standard deduction if you itemize.
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Business Expenses
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If you operate a business, many of those expenses can be claimed, including your office, supplies and mileage.
Adoption Fees
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Adoption fees, attorney fees and other expenses related to an adoption may be tax deductible.
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Education Expenses
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Student loan interest, up to $2500, and tuition, up to $4000, are expenses that can be claimed on your tax return.
Home Expenses
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Home mortgage interest and home loan interest are tax deductible.
Charitable Contributions
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Contributions to qualifying charities are tax deductible.
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