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4.4   Deductions and Exemptions 1) All taxpayers have a choice of

Question : 4.4   Deductions and Exemptions 1) All taxpayers have a choice of : 1981148

4.4   Deductions and Exemptions

1) All taxpayers have a choice of whether to take the standard deduction or itemize deductions.

2) All medical expenses may be deducted from income as long as you have the receipts or can show proof of payment.

3) A young couple buying a home would usually be better off to take the standard deduction rather than itemizing deductions.

4) Interest expense paid on home loans and car loans is deductible from your income tax.

5) Itemized deductions can include mortgage interest expense, state income tax expense, charitable contributions, and other employee expenses.

6) A personal exemption can be claimed for the person filing a tax return, for a spouse, and for each dependent.

7) The government usually adjusts the exemptions and standard deductions amounts annually to account for inflation.

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