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Chapter 6. Income Taxes > Tax Deductions

Tax Deductions

Being able to deduct an expense on your income tax return can take a little bit of the sting out of some of the costs of everyday life.

Loan Interest

It was not that long ago that interest on consumer credit cards was deductible. But the Lord giveth and the IRS taketh away, so the situation today is that your credit card interest as well as your car loan interest is no longer deductible on your income tax return. However, with a little planning you can make both of those costs tax deductible, and you can do it without even having to leave your home. In fact, your home is the key to being able to deduct these expenses.


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