The IRS has set many tax deductions and benefits instead for taxpayers. Unfortunately, some taxpayers who are earning a advanced of income can see these benefits phased out as their income climbs. A tax deduction, or "write off" as it's sometimes called, reduces your taxable income by getting you to subtract the total amount of an expense from your income, before calculating simply how much tax generally caused by pay. Greater deductions the or the larger the deductions, decreased your ta...