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2. Tax Deductions Explained (and Common Ones You Could Claim) - AOL

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   Beginning in 2018, you can deduct state and local taxes up to $10,000 or $5,000 if you’re married filing separately. Those caps are for state and local income, property and sales taxes combined ...

3. Tax deduction - Wikipedia

   en.wikipedia.org/wiki/Tax_deduction

   Tax deduction. A tax deduction or benefit is an amount deducted from taxable income, usually based on expenses such as those incurred to produce additional income. Tax deductions are a form of tax incentives, along with exemptions and tax credits. The difference between deductions, exemptions, and credits is that deductions and exemptions both ...

4. Top Tax Deductions and Tax Credits You Should Know for 2023 - AOL

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   A tax deduction is an expense that lowers an individual’s or business’ tax liability by reducing their taxable income. The most common is the standard deduction. The other two types of ...

5. The Best Tax Deductions and Tax Breaks for 2023-2024 - AOL

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   8. Mortgage Interest Deductions. You can typically deduct the entire amount of your mortgage interest or on the first $750,000, or $375,000 of indebtedness if married filing separately. If your ...

6. Standard deduction - Wikipedia

   en.wikipedia.org/wiki/Standard_deduction

   Under United States tax law, the standard deduction is a dollar amount that non- itemizers may subtract from their income before income tax (but not other kinds of tax, such as payroll tax) is applied. Taxpayers may choose either itemized deductions or the standard deduction, [1] but usually choose whichever results in the lesser amount of tax ...

7. Tax deduction at source - Wikipedia

   en.wikipedia.org/wiki/Tax_deduction_at_source

   Tax deduction at source. Tax deduction at source (TDS) is an Indian withholding tax that is a means of collecting tax on income, dividends, or asset sales by requiring the payer (or legal intermediary) to deduct tax due before paying the balance to the payee (and the tax to the revenue authority). Under the Indian Income Tax Act of 1961, income ...