Tax deduction
Amount that one may deduce from taxable revenue
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Tax deduction (1) · American-made vehicles (1) · Interest payments (1) · 2025 tax year (1) · IRS (1) · Auto loans (1) · Economic stimulus (1)
📖 Key Information
A tax deduction is an amount deducted from taxable income, usually based on expenses such as those incurred to produce additional income. Tax deductions are a form of tax incentives, along with exemptions and tax credits. The difference between deductions, exemptions, and credits is that deductions and exemptions both reduce taxable income, while credits reduce tax.
📰 Related News (1)
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🇺🇸 Bought a new car last year? You could qualify for this tax break.
New deduction allows taxpayers to deduct up to $10,000 on interest they paid to buy a new American-made vehicle in 2025....
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