At Work

Food for thought about tax deductions

TRUTHS

NO. 73: MOST TAX DEDUCTIONS COST you dearly. If you’re in the 22% federal income tax bracket, $100 of mortgage interest or medical expenses might save you $22 in taxes, leaving you $78 poorer. One crucial exception: If you contribute $100 to a tax-deductible retirement account, you save $22 in taxes, but still retain your $100.

From HumbleDollar.com

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