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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Categories: At Work, Observations on life, Retirement
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