A tax deduction is a way to reduce taxable income that lowers a person's or an organization's total taxable income and tax burden. Deductions are costs incurred by a taxpayer during the year that can be applied to or deducted from their gross income to determine the amount of tax owing.
Read MoreTaking care of the books and keeping track of your finances can be overwhelming. Especially for small business owners, new entrepreneurs, and anyone who is not in the accounting industry. A big part of that is the language that bookkeepers and accountants use.
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