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Tax Deductions

Tax deductions are very important especially for small business owners. The more tax deductions you can make, the less out of pocket money you will have to come up with to pay the IRS taxes each year. If you are a business owner, filing IRS tax form schedule C, there are many tax deductions you can make. If you don't own a business, not even a home based business as a sole proprietor, you will have less tax deductions to make.

Fortunately, there are a lot of tax deductions a tax payer can make. You must keep records of all relevant expenses to claim your tax deductions. If you are using a tax software to do your tax preparation such as Turbo Tax or Tax Cut, just input the expenses and answer the questions the tax preparation software ask you and your tax deductions will automatically be calculated. If you are using a CPA or a tax preparer, be sure to check that all the tax deductions have been made. Sometimes, a CPA or a tax preparer may not know all of the eligible tax deductions you can make. It is up to you to ensure they make proper tax deductions for you.

Tax deductions

Typical Itemized Tax Deductions
Alimony paid and received
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