mccormickfreda
7 posts
Feb 19, 2025
5:24 AM
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A tax shield is a strategy used by individuals and businesses to lower taxable income by claiming permitted deductions. These deductions include mortgage interest, medical expenses, charitable donations, amortization, and depreciation. By reducing taxable income, tax shields help minimize the total amount of taxes owed or defer tax payments to future years. A tax preparation service can assist individuals and businesses in identifying and maximizing tax shields, ensuring they take full advantage of available deductions to reduce their overall tax liability.
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