How Does Income Tax Deduction Work in Forex Trading?

Income tax deductions are an important part of managing your taxes. A tax deduction is an amount that you can subtract from your taxable income, thereby reducing your overall tax burden. Deductions can be claimed for a variety of expenses, including home mortgage interest, charitable contributions and unreimbursed business expenses. Different deductions require different forms and calculations, but you can use the basics to understand how the general process works.

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