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The IRS has set many tax deductions and benefits in place for individuals. Unfortunately, some taxpayers who earn a great deal of income can see these benefits phased out as their income increases.

What we are all aware as your 'income' tax has a collection tax brackets each having its own tax rate from 10% to 35% (2009). These rates are used to your taxable income which is income in excess of your 'tax free' benefit.

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