The Best Tax Deduction

Tax deductions make you happy. It is nice to get recognition for that business expense or charitable contribution and know that the money may be gone but it will save you on your taxes when you deduct it. What about a tax deduction that doesn't involve the money going away? The best tax deduction is the money you put away for retirement in a qualified plan like an IRA or a 401k. It reduces your taxable income, but it is still yours growing tax free in a retirement account. It is a tax free investment in yourself.