Student loan interest is tax deductible

Graduated!by ralph and jenny, on Flickr This part of my continuing series on things everyone should know about taxes. Yes, student loans are tax deductible, (subject to various limits).  They are deductible as an “adjustment to income” rather than as an “itemized deduction.”  This means that you can deduct student loans from your taxable income […]
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Give more charity, pay less taxes

US Mint Americans rank first in the world when it comes to charitable giving, according to a recent article in the Wall Street Journal. Make sure that you take advantage of the tax benefits that come with charitable giving.  Understanding the rules can help increase your tax deductions and reduce your overall taxes.  Here are […]
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Save taxes on your taxes

This is part of a continuing series of posts about everything everyone should know about the federal income taxes that you pay: Minnesota Tea Part 2011 tax day protestby Fibonacci Blue, on Flickr State and local income taxes are deductible from your federal tax return if you paid them during the year,  if they were […]
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Can you deduct anonymous Secret Santa layaway gifts on your taxes?

The big thing this Holiday season is anonymously paying off lay-away accounts at K-mart.  It works like this: go to customer service desk at K-mart (or any other store), and offer to pay someone else’s account.  If you have a soft spot for, say, children’s toys, they will help you find an appropriate recipient, within […]
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Should you itemize deductions?

Understanding itemizing versus standard deductions is very important because it determines whether individual deductible expenses will actually affect your total taxes. For example, if you itemize, then another charitable expense will increase your deductions, and lower your taxes.  On the other hand, if you are unable to itemize, then additional charitable expenses will have no […]
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