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Income Taxes: Tutorial

Question:
Which three items are potential deductions that an individual can claim to reduce the amount of income tax owed?

A. Political contributions
B. Interest paid on student loans
C. Volunteer time
D. Charitable donations to a qualified institution
E. Interest paid on a mortgage

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Answer :

GinnyAnswer

Final answer:

Interest on student loans, charitable donations, and mortgage interest are deductions that can reduce income tax owed.


Explanation:

Interest paid on student loans, charitable donations to a qualified institution, and interest paid on a mortgage are potential deductions that an individual can claim to reduce the amount of income tax owed. These deductions allow individuals to lower their taxable income, resulting in savings on their tax bills.


Learn more about Income Tax Deductions here:

https://brainly.com/question/41168658


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