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Form 1120 (officially the "U.S Corporate Income Tax Return") is one of the IRS tax forms used by corporations (specifically, C corporations) in the United States to report their income, gains, losses, deductions, credits and to figure out their tax liability.
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.
Form 1040, officially, the U.S. Individual Income Tax Return, is an IRS tax form used for personal federal income tax returns filed by United States residents. The form calculates the total taxable income of the taxpayer and determines how much is to be paid to or refunded by the government.
The United States federal state and local tax (SALT) deduction is an itemized deduction that allows taxpayers to deduct certain taxes paid to state and local governments from their adjusted gross income. The SALT deduction intent is to avoid double taxation by allowing taxpayers to deduct state and local taxes from their federal income.
Tax deductions fall into two broad categories: standard deductions and itemized deductions. As a taxpayer, you get to choose which type of deduction you want to take.
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.
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