Every year, you have to pay a large portion of your income to taxes.
Whether those taxes are property taxes, local taxes, state taxes or
federal taxes, a big chunk of your income goes toward paying these
bills. The Tax Foundation has a unique way of looking at this burden,
using a concept known as Tax Freedom Day.
Once one gets into the process of filling out a tax return, there’s a
whole world of possibilities that can occur. The tax code, both at the
federal and state levels, provides for a number of opportunities where a
filer can reduce his taxes owed. These adjustments are typically seen
in the form of a tax credit or a tax deduction. One thing is for sure: they're not the same.
