tax deductions for retirement savings
Tax deductions for retirement savings refer to qualified expenses that can be subtracted from your taxable income, resulting in a reduction of the amount of income tax you owe. These deductions are specifically related to contributions made to retirement savings accounts, such as 401(k), individual retirement accounts (IRA), or other qualified retirement plans. By taking advantage of tax deductions, individuals can lower their overall tax liability while setting aside funds for retirement.
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