A reduction in taxable income for an individual or corporation achieved through claiming allowable deductions such as mortgage interest, medical expenses, charitable donations, amortization and depreciation. These deductions reduce taxpayers' taxable income for a given year or defer income taxes into future years.A tax shield is the reduction in income taxes that results from … [Read more...]
Best 6 Sources Of Nontaxable Income
The government says that all types of income are taxable unless specifically excluded by law. Income That Isn't Taxed includes the following : 1. Disability Insurance Payments Usually, disability benefits are taxable if they come from a policy with premiums that were paid by your employers. However, there are many other categories of disability benefits that are … [Read more...]