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Common Tax Deductions
Tax Deductions for Students
Student Loan Interest Deduction If you paid interest on a student loan and your income qualifies, you may be able to deduct up to $2,500 of that interest off your income. You may be eligible to take the interest deduction if you, your spouse, or a person who was your dependent is a student who was enrolled at least half-time in a program.
Tax Deductions for the Self- Employed
It’s important for everyone to save, especially for small business owners. A SEP IRA—Simplified Employee Pension Individual Retirement Account—is a variation of the Traditional Individual Retirement Account, but is for self employed individuals, as well as small business owners and their employees.
