Real Estate Glossary

What is Tax Deduction?

A tax deduction is a reduction in the amount of income that is subject to taxes. Tax deductions can include things like mortgage interest, charitable donations, and business expenses. Tax deductions lower the amount of income that is subject to taxes, which in turn reduces the amount of taxes that are owed. Tax deductions are often used to encourage certain types of behavior, such as home ownership or charitable giving.

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