[LEFT SQUARE ROTD]
Income Tax: What You Can Deduct
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If you are dumping money into a 529 college savings account, you may be able to write this off. In some states, you can write off up to $5,000 if you're filing single and $10,000 if you're filing jointly. Check with you state to see what kind of tax breaks they give for college savings contributions. If you're one of the lucky new parents who adopted a child last year, you can get back some of the monies you spent on the process. Parents of newly adopted children receive a tax credit for up to $12,150, provided your income isn't too high. For more information, visit the website of the Internal Revenue Service. If you're unsure of any other circumstances that might entitle you to tax credits, contact the IRS or an accountant to learn more. You might just find some extra dollars in your tax refund this year.
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