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Consider the deduction for mortgage interest.
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The García-Díazes have virtually no savings, as they consider the deductions from their paychecks going to pay for pension and health care as their basic safety net.
Now consider the charitable deduction.
To raise the roughly $1 trillion over 10 years that would be collected simply by letting the high-end tax rates expire, as President Obama has called for, would require huge cutbacks in tax breaks that most Americans don't consider loopholes, including the deductions for mortgage interest and for state and local taxes.
While they're at it, lawmakers should consider ending the deduction of mortgage interest for tax purposes.
Consider the possible causes, including deductions for state income taxes, the exercise of incentive stock options and the type of tax-exempt bonds you own in your portfolio.
Currently the deduction for couples filing jointly is 1.67 times the deduction for single people.
Let's focus on three important tax breaks: the mortgage interest deduction, the charitable deduction and the deduction for state and local taxes.
My personal favorite is the deduction for charitable giving.
I retained the self-employed health insurance deduction and the deduction for contributions to a qualifying retirement plan.
For this year, the standard deduction for couples filing jointly is $7,350, or 1.67 times the deduction for single people, $4,400.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com