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IRS tax deduction is given of the money which has been spent for certain predefined reasons. The tax deduction gets on the basis of your income. This reduces the net taxable income of the person subject to taxes. Its means is that the money on the base of which your tax liability would be calculated would come down and get your tax liability down with it as well. These tax deductions take place earlier. Being pre tax makes them a better tax planning measure than tax refunds. There are mainly two categories of tax deductions have been defined according to the tax law. They are standardized deductions & itemized deductions.