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  • This is tax fundamentals. Where we take the mystery out of some taxing tax terms.

  • On this episode, we're talking about deductions. What is a deduction?

  • A tax deduction may reduce your total income that is subject to tax.

  • So it isn't reducing your taxes, but it may reduce the amount of income being taxed.

  • Which means you could pay less in taxes. When you pay income taxes, a percentage

  • of your total income is paid to state and federal taxes. Your tax bracket determines this percentage.

  • So, let's say you're single. With a job as a lion tamer. You live alone, have no dependents,

  • and your yearly income is 88,000 dollars. This means your taxable income is 88,000 dollars

  • but this is before deductions. Business expenses are a common itemized deduction.

  • As a lion tamer, you're going to need lion food. If you pay for it, that could be a business expense

  • and you may be able to deduct it. Let's say the food cost 5,000 dollars.

  • Better keep those receipts. If you made 88,000 dollars, your taxable income could be reduced to 83,000 dollars

  • To keep it simple, we're not factoring in things like pre-tax adjustments

  • but that deduction may drop you down a tax bracket, and save you money. That's good news!

  • You have two choices when it comes to deductions:

  • you can itemize your deductions, or take the standard deduction.

  • The lion food is an example of an itemized deduction.

  • You can claim multiple itemized deductions, but there are limits for each tax bracket and rules around each deduction.

  • The standard deduction is a fixed amount associated with your filing status and tax bracket.

  • If you don't want to add up all your expenses, the IRS allows you to just take the standard deduction.

  • If your itemized deductions don't add up to a lot, taking the standard deduction instead

  • can often save you more money on your taxes.

  • Still have questions about deductions? Visit to learn more about this and other tax topics.

  • Thanks for watching tax fundamentals!

This is tax fundamentals. Where we take the mystery out of some taxing tax terms.


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通過逐項扣除和標準扣除減少應稅收入 - TurboTax稅務技巧視頻 (Reduce Taxable Income with Itemized and Standard Tax Deductions – TurboTax Tax Tip Video)

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    林宜悉 發佈於 2021 年 01 月 14 日