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Deducting Your Way to a Lower Tax Bill

Deducting Your Way to a Lower Tax Bill

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by Grant Thornton LLP
When contemplating taxes, many people focus on deductions. You might be surprised at how little benefit you actually receive from some deductions. A number of them, such as personal exemptions and itemized deductions, have been whittled away over the years due to limitations. You may get some relief soon, however, as the phaseout on exemptions and the limitation on itemized deductions are scheduled to be gradually repealed beginning in 2006 and fully repealed by 2010.