What Are Tax Deductions For 2024. Income tax deductions refer to specific expenses or allowances that taxpayers can utilise to decrease their taxable income, thereby. The 2024 tax season is underway, and unless you are granted a tax extension by the irs, 2023 federal income tax returns are due on april 15 this year.
A deduction cuts the income you’re taxed on, which can mean a lower bill. Which provincial or territorial tax table should you use?