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Results tagged with tax-deduction
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user 54557
A tax deduction is a deduction that lowers a person’s tax liability by lowering his taxable income. Deductions are typically expenses that the taxpayer incurs during the year that can be applied against or subtracted from his gross income in order to figure out how much tax is owed.
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How can I achieve a 13% U.S. Federal tax rate?
You are mistaking the federal tax rate as the only tax that he has paid. He has paid ~38k in interest that you have not - putting him at a more realistic 30% tax rate.
You can do the same - as can a …
