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Understanding Tax Deductions: Itemized vs. Standard Deduction
A tax deduction reduces your taxable income and how much tax you owe. You can itemize your deductions or take a fixed amount with the standard deduction.| Investopedia
A tax deduction reduces your taxable income and how much tax you owe. You can itemize your deductions or take a fixed amount with the standard deduction.| Investopedia
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Schedule A (Form 1040 or 1040-SR) is an IRS form for U.S. taxpayers who choose to itemize their tax-deductible expenses rather than take the standard deduction.| Investopedia
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Health insurance is a type of contract in which a company agrees to pay some of a consumer's medical expenses in return for payment of a monthly premium.| Investopedia
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The Affordable Care Act is the federal statute that was signed into law in 2010 as part of the healthcare reform agenda of the Obama administration.| Investopedia
