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Who couldn't use a few extra deductions at tax time? Using the Quicken Deduction Finder, you just may find a few. The Deduction Finder, borrowed from the Intuit TurboTax program, is a database of over 100 deductions accompanied by Yes-or-No questions to determine whether you are entitled to the deduction. Follow these steps:
Click the Deduction Finder link in the Tax Center window or choose Taxes, Deduction Finder. Read the introduction and click OK. Under Choose a deduction type, enter your filing status.
(Yes, this is a confusing label for this field, because you are not actually entering a deduction type in it.)
Under Choose a deduction, scroll down the list and select a type of deduction. Under Questions, answer Yes or No to each question by clicking on the appropriate check boxes.
After you complete the questions, Quicken tells you whether you can take the deduction at the bottom of the question area. Unsure how to answer some of the questions? Wondering just how Quicken determines your eligibility for a deduction? Just click the More Information button under Next Steps for more comprehensive information about the deduction.
When you finish answering the questions, click the Action Plan tab at the top of the window to find out what the criteria, limits, and documentation are for claiming your deduction.
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