Any item or expense that you can subtract from your gross income to reduce the amount of money that Uncle Sam can tax you at the end of the year. These are good when it comes time to file as they typically mean more money in your pocket. The most common deductions are charitable contributions, anything related to running a business, home mortgage interest payments and medical expenses. (See also: Gross Income, Itemized Deduction, Standard Deduction)« Back to Glossary Index
A simple 12-step plan to leap over the wealth gap once and for all.