Tax deductions reduce your taxable income by accounting for expenses youve incurred. The IRS offers many ways to reduce your taxable income, from deducting childcare costs and mortgage interest to charitable donations and moving expenses.
Learn about new tax breaks for 2016 and which deductions are returning this tax season.
Related: Dont Forget These 8 Important Deductions
1. Standard Deduction
Even if you dont have a lot of itemized deductions to file, you still qualify for a standard deduction for 2015, which is based off of your income. Below is a list of standard deductions based off income and how you plan to file:
| Standard Deduction for Individual Taxpayers | |
| Your Income | Your Tax Due |
| $0 $9,225 | 10% of your taxable inc…
Read the full article at: http://time.com/money/4183340/50-tax-deductions/ |