Tax Deductions

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Tax deductions are expenses that are allowed to be subtracted from an individual or entity’s taxable income, which can reduce the amount of income subject to income tax.

Common tax deductions include expenses related to business, education, healthcare, and charitable donations. For example, a self-employed individual may be able to deduct expenses related to their home office or business travel, while a student may be able to deduct tuition and student loan interest payments.

Tax deductions can help reduce an individual or entity’s tax liability and increase their after-tax income. However, it is important to understand the rules and regulations related to tax deductions, as not all expenses may be deductible and there may be limits or restrictions on the amount that can be deducted.

Tax professionals can provide guidance on the tax deductions that are available and how to accurately report them on a tax return.

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