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Pre-tax deductions also lower your state and federal unemployment dues. Post-tax deductions, on the other hand, are payroll deductions taken from an employee’s check after taxes have already ...
Though some cafeteria plans offer an explicit choice of cash or benefits, most today are operated through a "salary redirection agreement", which is a payroll deduction in all but name. Deductions under such agreements are often called pre-tax deductions. Salary redirection contributions are not actually or constructively received by the ...
Most business expenses reduce taxable income, though limits apply to a few expenses. Individuals are permitted to reduce taxable income by personal allowances and certain non-business expenses, including home mortgage interest, state and local taxes, charitable contributions, and medical and certain other expenses incurred above certain percentages of income.
The other two types of deductions are referred to as above-the-line and below-the-line deductions, depending on whether you subtract them before you calculate your adjusted gross income or after.
If tax deductions have you confused, don’t fear. We’ve put together a handy guide that answers your biggest questions about tax deductions and how to claim them.
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 reduce taxable ...
Some deductions remain every year, but others change or disappear, and new ones crop up. Learn the most common tax deductions available.
In the United States tax law, an above-the-line deduction is a deduction that the Internal Revenue Service allows a taxpayer to subtract from his or her gross income in arriving at "adjusted gross income" for the taxable year.
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