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  2. Confused About Tax Deductions? Here's A Simple Guide To How ...

    www.aol.com/news/how-do-tax-deductions-work...

    State income or sales and local tax: Though the state and local tax (SALT) deduction was capped at a combined $10,000 as of 2017, this deduction is still available to those who itemize.

  3. Tax Credits or Tax Deductions: Which Will Save You More? - AOL

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    Tax deductions are write-offs that you use to reduce your taxable income before you calculate how much tax you owe. For example, if you make $55,000, but you qualify for a $1,000 tax deduction ...

  4. What Is a Tax Deduction and How Do Tax Deductions Work? - AOL

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    Standard Deduction for Tax Years 2020 and 2021. Filing Status. Deduction for Tax Year 2020. Deduction for Tax Year 2021. Single. $12,400. $12,550. Married, filing jointly

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

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    The IRS officially started accepting tax returns on Jan. 23, which means it's time to dust off your receipts and gather your statements. Certain expenses qualify as tax deductions that can reduce ...

  6. Itemized deduction - Wikipedia

    en.wikipedia.org/wiki/Itemized_deduction

    Either state income tax or state and local general sales taxes paid during the tax year, but not both. Property taxes, including vehicle registration fee, if assessed by reference to the value of the property. This amount is in addition to the previous choice of either income or sales tax. but not including: Use taxes; Excise taxes; Fines or ...

  7. Effortless Tax Deductions: 6 Write-Offs You Don’t ... - AOL

    www.aol.com/finance/effortless-tax-deductions-6...

    Most taxpayers love deductions because they reduce your taxable income and, therefore, also reduce your tax liability. But not everyone loves going through the painstaking process of itemizing ...

  8. Taxes 2023: Which Credits and Deductions Apply to You? - AOL

    www.aol.com/finance/taxes-2023-credits...

    Tax credits and deductions were already confusing many of us before all of this year's substantial changes. Good Question: What Is the Standard Deduction for People Over 65 in 2023? FICO Fix: 3...

  9. Understanding tax exemptions, deductions and credits - AOL

    www.aol.com/news/understanding-tax-exemptions...

    Our tax experts are answering Yahoo Finance viewer questions as we hit the homestretch of tax season. Sheila Brandenberg, a New York-based CPA, has some answers for filers who find a lot of the ...

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