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2. EARLY WITHDRAWAL PENALTIES Did you have to crack open a bank certificate of deposit last year? Did you get dinged with a penalty? You can deduct the danged ding above the line. 3. HEALTH
SAVINGS ACCOUNTS (HSAS) If you have a high-deductible medical plan, you can cover some of your out-of-pocket expenses with an HSA. If you pay for your HSA with after-tax money, you can
deduct up to $7,750 for families and $3,850 for individuals this tax year. If you’re 55 or over at any time in the year, you can contribute and deduct an additional $1,000. You’ll need to
file Form 8889 — Health Savings Accounts (HSAs) — with your return. If you paid for your HSA with pretax money, you don’t get the deduction. ESTIMATE YOUR 2023 TAXES AARP’s tax calculator
can help you predict what you’re likely to pay for the 2023 tax year. 4. INDIVIDUAL RETIREMENT ACCOUNTS (IRAS) If you contributed to a traditional IRA, and neither you nor your spouse had a
retirement plan available to you during the year, the contributions are tax-deductible. You can each contribute $6,500 — $7,500 if you’re 50 or older. You can make your contribution for 2023
until April 15, 2024. If you did have a retirement plan available at work, you still may be able to deduct some or all of your IRA contribution, depending on your income. 5. MILITARY MOVING
EXPENSES If you have a permanent change of station — either from your home to your military base, from one base to another, or a move from your last post back home — you can deduct
reasonable moving expenses. Those include the cost of moving household goods and personal effects, storage and traveling (including lodging) to your new home. That burger you bought at a
rest area on the Ohio Turnpike? Nope. Meals aren’t included. You must take the deduction within one year of ending your active duty. 6. SELF-EMPLOYMENT COSTS One of the shocks for many
people who become self-employed is the payroll tax for Social Security and Medicare. It’s a combined 15.3 percent of your gross income on top of ordinary income taxes. Fortunately, you can
take half of that in an above-the-line deduction. (You’ll have to file Form 1040 Schedule SE — Self-Employment Tax — to claim it, but if you have self-employment income, you’ll have to file
it anyway.)