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Posts Tagged ‘income taxes’

Some loans can give you a tax credit which shrinks the yearly tax you owe and other types of loans can give you a tax deduction which lowers your gross taxable income. Almost everybody wants to borrow money from time to time and it makes sense to do your research before diving into a big situation involving money. Did you know that when you borrow money you could also be reducing the amount of federal taxes you have to pay to the government? It turns out that not all money borrowing programs are the same when it comes times to look at your tax situation. Here’s a brief guide to what loans may qualify you for a tax deduction, though obviously everyone’s tax situation will be different.