Diminish your taxes with deductions and credits

Deductions and credits offer many opportunities to cut your tax bill. Deductions come into play before you figure your tax bill, credits after you see what the tax damage is. Both methods can save you tax dollars, so don't miss a one!

Before you begin ...

Which deduction method should you use: itemized or standard?

Deductions for itemizers ...

Medical expenses

Using taxes to cut taxes

Charitable donations

Home mortgage points

Disaster losses

Employment expenses

Making the most of itemized deductions

Bunching deductions for a bigger punch

Deductions for nonitemizers ...

IRA contributions

Educator expenses

Alimony paid

Student loan interest

Tuition and fees

Moving expenses

Deductions that don't require Schedule A

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Tax breaks for special cases ...

Stock losses

Worthless stock

Foreign taxes

Home-office expenses

Elderly and the blind

Environment-friendly autos

Tax credits ...

Child tax credits

Adoption tax credit

Education tax credits

Child/Dependent care credit

Retirement savings credit

Earned income tax credit

How tax credits work


-- Updated: May 1, 2005

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BASICS SERIES

Tax Basics

Knowing how to file can save you money.

•	Filling out the W-4 form
•	What is my tax rate?
•	How to itemize deductions
•	Tax credits can lower bill
•	Death and taxes
•	Tax record-keeping


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