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Salary Exclusion

Members of the military serving in designated war zones are eligible for federal income tax exemptions from the IRS. These military tax exemptions apply to all income earned during the months spent in the designated theater.

Household Expenses

You cannot deduct insurance premiums or payments made toward loan principal unless you rent out the property and generate income from these expenses. Additionally, the IRS caps the mortgage interest deduction at $1 million for married couples.

Refinancing

Most individuals pay "points" when refinancing their mortgage. These points are prepaid interest, paid upfront to secure a lower interest rate over the loan term. Fortunately, these points are deductible, and calculating the deduction amount is straightforward.

Detailed Medical Deduction

Your ability to deduct medical expenses depends on how much they represent as a percentage of your adjusted gross income, which can be calculated on Form 1040. If your health and dental costs exceed 10% of your AGI, you can claim the excess as a medical deduction.