As we get deeper into tax season, we want to make sure you are getting the most out of your money.
And part of that means understanding tax deductions.
A tax deduction is an amount of your income that isn’t taxed due to certain qualifying factors and non-taxable payments.
“There’s very few of those right now that most people can take. But it’s mortgage interest and interest on such as that. SALT taxes state and local taxes, real estate, personal property taxes.”
Other deductions can include mortgage payments, gambling losses, student loans, and donations to charity.
It can be hard to understand what deductions you are eligible for depending on your income and financial status.
Talking to a tax professional is one way to save more of your money.
