Your taxable income is determined based on your overall income for the prior year and reduced by various deductions and exemptions. (sapling.com)
Passage of the bill, as amended, that would revise the federal income tax system by lowering individual and corporate tax rates, repealing various deductions through 2025, specifically by eliminating the deduction for state and local income taxes through 2025, increasing the deduction for pass - through entities and raising the child tax credit through 2025. (seedsofdemocracy.org)
There are currently various deductions and loopholes that allow taxpayers to reduce their tax burden. (businessinsider.com)