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 Teachers

Teachers, instructors, counselors, principals or aides who work at least 900 hours per school year in kindergarten through grade 12 can deduct up to $250 of their expenses.

Tax Breaks for the Self-Employed and Small Business Owner

Whether you own a small business or are self-employed, be sure to get the tax breaks owed to you.

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