A tax deduction is an item you can subtract from your taxable income to lower the amount of taxes you owe. Browse Investopedia's expert-written library to learn more. 

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How to Minimize Taxes on Your Second Home
Modified Accelerated Cost Recovery System (MACRS): A tax depreciation system used in the United States that allows the capitalized cost of an asset to be recovered over a specified period via annual deductions.
Modified A𓆏ccelerated Cost Recovery System (MACRS): Explanation and Types
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Section 1244 Stock: 🎃Definition and Qualification Rules
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Is PMI or MIP Tax Deductible?
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Form 2106-EZ: Unreimbursed Employee Business Expen♑ses—Overview
F🧸orm 3903: Moving Expenses: Wh🎐at It is, How it Works
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16 Tax Deducti🥃ons and Benefit♛s for the Self-Employed
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Additional Personal Allowance: What I🌳tꦕ is, How It Works
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What Are Itemized Tax Deductio✅ns? Definition and Impact on Taxes
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7 Insurance-Based Tax Deductions You May Be 🌌Missing
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How to Deduct Stock Losses From Your Tax Bill
Tax Deduction: A sum you can deduct from your taxable income to lower the amount of taxes you owe.
Understanding Tax Ded✨uctions: Itemized vs. Standard Deduction
Long-Term Capital Gain and Loss: The gain or loss that comes from the sale of an investment owned for longer than 12 months.
Long-Term Capit♋al Gains and Losses: Definition and Tax Treatment
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5 Most Overlooked Tax Deductions
Tax-Loss Harvesting
Tax-Loss Harvesting: Definition and Example
Capital Loss Carryover: The net amount of capital losses eligible to be carried forward into future tax years.
Capital Loss Carryover: Definiti𒐪on, R🦂ules, and Example
Tax Shield: A reduction in taxable income by claiming allowable deductions such as mortgage interest and medical expenses.
Tax Shield: Definition, Formula for Calcul💙ation, and Example
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Form 4952: Inv🌺estment Interest Expense Deduction Ove🎀rview
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Tax-Deductible Interest: Definition a𒆙nd Types That Qu𓃲alify
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Property Tax Deducti♓on: Definition♔, How It Works and How to Claim
Small Business Supply Chain
Understanding Busin𝐆ess Expenses and Which Are Tax De🐼ductible
Annual Investment Allowance🅰 (AIA) Definition, Eꦉligibility
Personal Income Taxes
IRS Publ𝓰ication 529 (Miscellaneous Deduct🌞ions): Overview
Quaꦗlified Production Activ🧸ities Income (QPAI): Overview
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Ordinary and Necessary Expense: What it is, ꦡHow it Works
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Ordinary Loss Tax Deduction: What It Is and How It Wo♓rks
For a Secure Future You've Got to Plan for It
IRS Publication 463: Travel, Gift, and Ca🍬r Expenses Overview
Tax Deductible: An expense that can be subtracted from adjusted gross income to reduce the total amount of taxes owed.
What Does Tax Deductible Mean, and W𒅌hat Are🌸 Common Deductions?
Recapture: What it is, How it Works, Uses
Home Office: What it is, How it Works, FAQ
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Fractional Gift: What It Is, How It W🤡orks, and Example
The Internal Revenue Service (IRS) building stands on April 15, 2019 in Washington, DC.
Are IRS Penalties Tax Deduc🥃tible? The Answeꦦr May Surprise You
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Charitabl๊e Donation: Definiti🍒on, Examples, Tax Deduction Rules
Percentage Depletion: Meaning, Overview, Benefits
Foreign Tax Deduction: Wha🃏t it Means, How it Works, Example
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Itemized Deductions: W🥃hat It Means and How to Claಞim
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Standard Mileage Rate Tax Deduction: An Overview
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Mortgage Inter💎est Deduction: Overview and Examples
IRS Publication 536
Smith Maneuver: A tax strategy that effectively makes interest on a residential mortgage tax deductible in Canada.
The Smith Maneuꦑver: Definition, How It Works, and How to Use It
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Lodging Expenses: What They are, How They Work
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Transportation and Storage Costs Tax Deduction: What It Is and 🐷How ✤It Works
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Primary Business ✅Purpose: What It is, How it Works
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Casualty and Theft Losses: Overview and Examples
Away From Home
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Educator Expense Deduction:𒊎 Wh🐼at It Means, How It Works, Limits
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Track Your Mileage for Taxes in 8 Easy Steps
Writing note showing Tax. Business photo showcasing Compulsory payment of taxes by people to government increase revenue Cyan paper imagination idea crumpled papers mistakes several tries.
Assess🦄able Profit: What It is, How It Works, Example
How to Ded🃏uct Your Stock Losses and Increase Your Tax Savings
Cut Taxes by Reporting Property Damage
Capital Losses and Tax
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How to Qualify for the Home Office Tax Deduction
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Rental Property Tax Deductions
Reduce Your Taxable Income With Above-the-Line Deduction𒈔s