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Archive for the ‘Deductions’ Category

15
Sep

A 529 plan is a tax-advantage college savings plan.  It allows a taxpayer to put money aside for a beneficiary that must be used for qualified college expenses. For federal tax purposes, the 529 plan is treated similar to a Roth IRA; there are no tax deductions up front. You pay taxes on the money […]

15
Aug

Prior to 1997, student loan interest was considered personal interest, and therefore not deductible. With the idea of alleviating some of the burden of these loans, the tax law was updated to allow for a deduction for some of the interest incurred. Currently, the taxpayer can deduct up to $2,500 in student loan interest paid […]

15
Jan

The average tax return becomes a bit more complicated when the taxpayer owns a home. Fortunately, this complication usually leads to an overall tax savings. By owning a home the taxpayer is more likely to itemize on Schedule A of Form 1040. There are a few itemized deductions relating to home ownership. The first is […]

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