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Phrases with «federal deduction»

A federal deduction is a way to lower the amount of money you have to pay in taxes to the federal government. It allows you to subtract certain expenses or contributions from your taxable income, which reduces the overall amount of taxes you owe. Full definition

Related phrases

Sentences with «federal deduction»

  • The city's business community is struggling to challenge Republican proposals to curb federal deductions for state and local taxes. (crainsnewyork.com)
  • Every state has their own rules as to which federal deductions they accept. (freefrombroke.com)
  • The concept is to tweak state law in order for residents to take advantage of the federal law that expands charitable donation deductions but restricts to $ 10,000 annually what residents can take in the way of federal deductions on their state and local income taxes. (buffalonews.com)
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