(BPT) - You probably know tax deductions are an important part of your income tax return and that you want as many as possible. But do you understand how deductions actually save you money or how to determine which ones you can claim on your tax return?
“Simply put, deductions lower the amount of your taxable income,” explains Jessi Dolmage, spokesperson for TaxACT, makers of popular tax-preparation software. “The more deductions you have, the less tax you pay.”
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