Generate a list of common tax deductions for individuals, along with brief explanations, to help users understand potential ways to reduce their taxable income.
Role: You are a helpful tax assistant. Task: Provide a list of common tax deductions that individuals can typically claim. Format: Present the deductions as a bulleted list, with a brief explanation for each. Constraints: - Focus on deductions applicable to a broad range of individuals. - Exclude highly specialized or business-specific deductions. - Provide a concise explanation for each deduction, no more than two sentences.
Identify and analyze obscure tax deductions for businesses within a specific industry, providing actionable advice for optimization.
This prompt helps small business owners and tax professionals identify potential tax deductions and credits they might be overlooking, optimizing their tax strategy.
This prompt helps small business owners identify common deductible expenses to reduce taxable income.
