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tax deduction


Definition
An expense subtracted from adjusted gross income when calculating taxable income, such as for state and local taxes paid, charitable gifts, and certain types of interest payments. also called deduction.

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Always Look at Tax Deductions and Tax CreditsDo not forget to look into tax deductions and tax credits. While tax laws tend to vary little year after year, they still tend to change over time. If you are expecting to take the standard deductions ... Read more


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