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.
Related information about tax deduction:
- Tax deduction - Wikipedia, the free encyclopedia
Income tax systems generally allow a tax deduction, i.e., a reduction of the income subject to tax, for various items, especially expenses incurred to produce ...
- The Most-Overlooked Tax Deductions - Kiplinger
Nov 19, 2012 ... This isn't really a tax deduction, but it is an important subtraction that can .... Basically, you get an income-tax deduction for the amount of estate ...
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Learn whether itemizing your deductions makes sense, or if you should simply take the no-questions-asked standard deduction. The standard deduction is ...
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Aug 14, 2012 ... Sales Tax Deduction Calculator. If you file a Form 1040, and itemize deductions on Schedule A, you have the option of claiming either state and ...
- 10 big deductions too many of us miss - tax preparation - MSN Money
A lot of taxpayers don't know they can save thousands of dollars with these tax breaks. Did you forget about any of these deductions and credits?
- What is a Tax Deduction?
A tax deduction reduces the taxes a person must pay by a certain percentage. Tax deductions are different from tax credits, which...
- Tax Credits and Deductions
Lower your tax bill by taking advantage of deductions and tax credits. Tips for preparing your taxes.
- 2012 Tax Deductions - Tax Deductible Expenses for Families
A tax deduction reduces your taxable income. ... Please review these major tax deduction areas as they might apply to your current life situation or circumstance: ...