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However, many dont know what they are.
Contributions to pre-tax retirement accounts reduce taxable income while allowing for long-term, tax-deferred growth, Pavone said.
Self-employed individuals often qualify for a home office deduction.
The total amount of itemized deductions needs to exceed the standard deduction before having any value.
Long-term, uncovered health coverage may also be tax deductible.
Home health or nursing home care is a Schedule A deduction.
It is missed in most cases because many seniors dont itemize their deductions, Quinn explained.
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