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Internal Revenue Code of 1986

The official collection of tax laws in the United States, updated and amended over time.

Charitable Contributions

Donations, typically cash or property, made to qualified non-profit organizations for which a tax deduction may be claimed.

Itemizing Deductions

A method of reducing taxable income by listing specific expenses (like mortgage interest, state and local taxes, or medical costs) rather than taking a standard deduction.

Standard Deduction

A fixed dollar amount that taxpayers can subtract from their income before calculating their tax, if they choose not to itemize their deductions.

Taxable Year

The annual period used for calculating income tax, typically the calendar year (January 1 to December 31) for individuals.

Deduction (tax)

An expense that can be subtracted from gross income to reduce the amount of income subject to tax.