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Glossary
Tax deduction
The amount that a person or business can subtract from their taxable income. The more you can deduct, the less you pay. Items which reduce your taxes are referred to as deductable expenses. If you earn $10,000 dollars in a year, and have $2,000 dollars in tax deductions, you only pay taxes on $8,000 ($10,000-$2,000= $8,000).
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