What is a tax deduction?
The Bankrate.com financial term of the day is: "tax deduction."
The Internal Revenue Service allows you to lower your potential tax hit by subtracting some amounts from your income before it puts the bite on your money. A tax deduction is one kind of pretax subtraction. A taxpayer may take either a standard deduction amount, established each year by the IRS, or may itemize deductions, listing various eligible expenses such as mortgage interest and state income taxes.
A tax deduction lets you clip the amount of your income that's subject to taxes.
For help making sense of your taxes, visit the Taxes section at Bankrate.com.
How the charity uses the vehicle you donate affects your deduction.
Some early IRA withdrawals are OK with the IRS.
The IRS offers a number of ways to track down your tax refund.
Why did your taxes get audited? Ask your tax peers.
Avoiding these errors will save you time and money.
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You've still got plenty of time. Take advantage of tax-favorable vehicles such as a 401(k) plan and IRA.
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CD yields continued their erosion this week.
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