Income Tax Deductions – Killer Explanation Of Federal Deductions
State, local or foreign income taxes withheld from your salary are tax deductible if claimed under the itemized income tax deduction category.
Income Tax Deductions
You can also deduct amounts for any estimated taxes you pay to state or your local government during the year.If you paid income tax during the taxable year, for any of the previous years, the payments are tax deductible and can receive the income tax deductions.You can also deduct any amount withheld from your wages in order to substantiate certain state disability benefit funds.Any employee contributions to disability funds that provide coverage for the loss of wages caused by unemployment are tax deductible.You can claim an itemized income tax deduction for foreign income taxes (that you pay in a foreign country).