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Results tagged with tax-deduction
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user 79266
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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Can I use both donations and purchases at a charity shop as a tax deduction?
Certain charities operate retail stores which take donations of goods (i.e., used clothes) and also sell merchandise to the public.
Let's say I donate $100 of items to such a charity. At some other t …
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