Navigating the complexities of student loan repayment can feel overwhelming, but understanding the student loan interest deduction offers a potential pathway to significant tax savings. This deduction allows eligible taxpayers to reduce their taxable income by the amount of interest they paid on qualified student loans during the tax year. This guide will explore the intricacies of this deduction, helping you determine your eligibility, calculate your potential savings, and avoid common pitfalls. We’ll cover everything from eligibility requirements and maximum deduction amounts to the impact of different tax brackets and strategies for accurate record-keeping. Through clear explanations, practical examples, and Read More …
