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Version vom 22. September 2024, 06:06 Uhr

One more week until Tax Night out. Have you filed yours yet? I haven't (probably should onboard that, actually), and when I read in USA Today that roughly 47% of Americans won't even have to worry about paying federal income taxes, I start to wonder if I ought to even bother. Oh sure, there's the threat of prison time for tax evasion, but really, what is the point if half the damn country isn't going expend up and leave scot-free?

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A tax deduction, or "write off" as it's sometimes called, reduces your taxable income by getting you to subtract facts an expense from your income, before calculating how much tax you must pay. The greater deductions have got or the higher the deductions, the lower your taxable income. Also, extra you trim your taxable income the less exposure you will be required to the higher tax rates in the more income supports. As you read earlier, Canada's tax system is progressive for that reason the more you earn, the higher the tax rate. Lowering your taxable income reduces the amount of tax you'll pay.

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