How to save taxes with deductions in 1966
Washington UPI advises taxpayers to compare itemized versus standard deductions. Key itemized deductions include medical expenses above 3 percent of income, charitable gifts up to 30 percent, mortgage interest, state and local taxes, and losses not insured. The standard deduction offers a 10 percent option or a $200 plus exemptions scheme, with credits for some federal excise taxes and retirement income credits for the elderly.
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