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Get your taxes done using TurboTax
A deduction is an amount that is subtracted from your taxable income, so that you owe less in tax. You don't get deductions back in cash. You only receive the amount of tax you would have paid on that amount of income. So, for example, if you have a 25% tax rate and you have a deduction of $1,000, you would get back only $250 from that deduction.
May 31, 2019
9:59 PM