Economy, asked by priyanshistill30, 5 months ago

how do taxes and other deductions affect your income explain

Answers

Answered by renurtiwari940

Answer:

Deductions are a way for you to reduce your taxable income, which means less of your income is taxed in those higher tax brackets. For example, if your highest tax bracket this year is 32 percent, then claiming a $1,000 deduction saves you $320 in taxes.

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