Tax Deductions Guide and 20 Popular Breaks in 2021
Tax deductions and tax credits can be huge money-savers — if you know what they are, how they work and how to pursue them. Here's a cheat sheet. A tax deduction lowers your taxable income and thus reduces your tax liability. You subtract the amount of the tax deduction from your income, making your taxable income lower. The lower your taxable income, the lower your tax bill.
Article Written By: Tina Orem
Original Article Posted on: Apr 13, 2021
Link to Original Article: https://www.nerdwallet.com/article/taxes/tax-deductions-tax-breaks