What you need to know about tax deductions
(BPT) - You probably know tax deductions are an important part of your income tax return and that you want as many as possible. But do you understand how deductions actually save you money or how to determine which ones you can claim on your tax return?
“Simply put, deductions lower the amount of your taxable income,” explains Jessi Dolmage, spokesperson for TaxACT, makers of popular tax-preparation software. “The more deductions you have, the less tax you pay.”
Knowing which deductions you qualify for and whether you should itemize is easy with do-it-yourself tax preparation products. Dolmage says: “The program eliminates the guess work. Answer simple questions about deductions and it will tell if you’re better off itemizing or taking the standard deduction. It also checks for errors and offers one-on-one tax help every step of the way.”
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