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4 Tax Deductions You Can Claim Without Itemizing
Taxes can be a headache as they drain away a lot of your hard-earned money. You can't hide or avoid it, but what you can do is make sure that you are taking all the tax deductions you are legally allowed to.
Believe it or not, there are actually many tax deductions out there that you might not be aware of. If you can identify those deductions, you can save money and use it for other purposes.
Here is a list of 4 tax deductions you can claim to maximize your savings without itemizing.
The student loan interest deduction is a valuable tax benefit for those who have taken out student loans to pay for their education.
1. Student Loan Interest
HSA means Health Savings Account. Contributions to your HSA are tax-deductible, and you can use the money in the account for qualified medical expenses such as doctor visits, prescriptions, and more.
2. HSA Contributions
If your employer offers a retirement plan, such as a 401(k) or 403(b), you may be able to deduct a portion of the contributions you make to that plan.
3. Employer Retirement Contributions
Like traditional IRA contributions, self-employed retirement contributions can reduce your taxable income by up to $6,000 per year ($7,000 if you're over 50).
4. Self-Employed Retirement Contributions
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