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Navigating taxes can be challenging, but you can reduce your taxable income with certain 'above-the-line' deductions without the need for itemization. Each year, taxpayers choose between standard deductions and itemizing, and for many, the standard deduction is more beneficial. This article outlines five key tax deductions available to individuals not itemizing, including contributions to Traditional IRAs, Health Savings Accounts (HSAs), student loan interest, educator expenses, and self-employment deductions. Taking advantage of these deductions can lead to significant tax savings.
Source: YAHOO