Submitted by agm_93 t3_yi2eu5 in personalfinance
I__Know__Stuff t1_iuhunig wrote
Reply to comment by AloneWithFood in Can I use past expenses as a tax deduction? by agm_93
But the tax savings from deducting an expense is at the marginal rate, not the average rate.
AloneWithFood t1_iuic33y wrote
If op earned 87k and deducted 1k then his income would be 86k. He would not pay the 32% taxes on that 1k deduction. Correct?
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