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Tax Deduction

Definition

An expense that you can subtract from your total income before calculating your tax, reducing your taxable income.

What to consider

  • Gather all necessary documents ahead of time to streamline filing.
  • Consider filing electronically for faster processing and fewer errors.
  • Double-check your return before submitting to avoid mistakes.

Real world scenarios

  • Deducting charitable donations helps Emily lower her taxable income. She saves receipts all year to support each claim.
  • Gianni itemizes mortgage interest and property taxes, reducing his tax bill compared to taking the standard deduction.
  • Nessa, a freelancer, writes off home office expenses as deductions, accurately recording square footage used for business.

Related terms

Tax Withholding
Earned Income Tax Credit (EITC)
Capital Gains Tax
Tax Filing Extension
1098 Mortgage Interest Statement

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