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A tax credit is an amount of money that you can subtract, dollar for dollar, from the income taxes you owe. Find out if tax credits can save you money.| Investopedia
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The standard deduction is a portion of income that is not subject to tax and can be used to reduce a tax bill instead of itemizing deductions.| Investopedia
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Itemizing deductions allows some taxpayers to reduce their taxable income, and thus their taxes, by more than if they used the standard deduction.| Investopedia
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A housing authority bond is issued by a state or local government to finance the construction or the rehabilitation of affordable housing, or to help low-income individuals buy a home.| Investopedia
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Filing status is a category that defines the type of tax return form a taxpayer must use when filing their taxes. Filing status is tied to marital status.| Investopedia
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Business income is a type of earned income and is classified as ordinary income for tax purposes. How it is reported depends on the type of business.| Investopedia
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Form 1040 is the standard U.S. individual tax return form that taxpayers use to file their annual income tax returns with the IRS.| Investopedia
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Nine states reduced their tax rates effective Jan. 1, 2025, and one eliminated its income tax. Find out if you live in one of the states making big changes.| Investopedia
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These deduction and credit tips may help you get a larger refund this year while teaching you how to reduce your taxable income and pay less in taxes in the future.| Investopedia
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Determining your adjusted gross income is essential in the tax filing process. Here are some tips for doing so.| Investopedia
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Several states impose no income tax on residents, but moving there may not save you money. Here's what you need to know to find the cheapest place to live.| Investopedia
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State vs. federal income tax rates, types of income subject to tax, and more can differ. State income tax varies depending on your state. Federal income tax doesn't.| Investopedia
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The U.S. uses three types of tax systems: regressive, proportional, and progressive. Two impact high-and low-income earners differently and one is the same for all.| Investopedia
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Avoid writing a check to the IRS every April by changing your W-4 form to have the correct amount of income tax withheld from your pay. Learn how this works.| Investopedia
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The IRS releases rates and inflation adjustments annually for federal tax brackets, tax rates, and standard deductions.| Investopedia