Definition
Fixed amount or percentage permitted by taxation authorities that a tax payer can subtract from his or her adjusted gross income to arrive at the taxable income. Deductions typically include allowances for home mortgage payment, home repair expenses, and higher study costs, etc. Not to be confused with deductible.
Business Tips
Keep Receipts if You Itemize Your Deductions
Keep all of your receipts and keep a good record of all of your expenses as they occur. If you do, you will be less likely to skip or miss out on allowable tax deductions and tax credits and it will m ... Read more
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