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8 April, 16:48

Which is an example of an income deduction?

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  1. 8 April, 17:30
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    Income deduction is an expenditure subtracted from gross income. This results in reduction of the income.

    Example : if you earn $60,000 and claim a deduction for $2,000, then your taxable income is reduced to $58,000.

    Expenses that are always deductible are investment losses and charitable contributions.
  2. 8 April, 20:44
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    An unexpected salary cut.
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