#ReducedTax

[raccountants]

Low Income Tax Offset and Low and Middle Income Tax Offset

[phdeditorial]

SOLUTION: Income Tax Law Deductions and Accounting Questions Hi! I hope everything is fine. I have attached your final paper. Kindly don’t hesitate to let me know if you need any adjustments.Thanks.1Taxation AccountingAssignment QuestionsNameInstitutionRegistration NumberDate2Taxation AccountingAssignment QuestionsQ1. Under the US, income tax law deductions are Classifying into Deductions for anddeductions from adjusted gross income. Discuss in detail the items of each kind.A tax deduction lowers an individual or organization’s tax liability due to reducedtaxable income. They are incurred by the taxpayer within a year and are applied against theindividual or organizations’ gross income to calculate the total tax. Deductions always reducetaxable income and therefore minimize tax liability. A tax credit also reduces tax liabilitybecause it is applied to the marginal tax rate schedule. The tax savings are always equal to thetax

[entlizm]

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