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Deduction

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Deduction
Any item or expenditure subtracted from gross income to reduce the amount of income subject to Tax.
    
Also referred to as "allowable deduction".  A Tax deduction or a Tax-deductible Expense affects a taxpayer's income Tax. A Tax deduction represents an Expense incurred by a taxpayer. It is subtracted from gross income when the taxpayer computes his or her income taxes. As a result, the Tax deduction Will lower overall taxable income and the amount of Tax paid. The exact amount of Tax savings is dependent on the Tax rate and can be complicated to determine.
    
For example, if you make $40,000 and you have a deduction for $1,000, then your taxable income is reduced to $39,000.
Posted by  Financial Research Associates, LLC
 
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