This Deduction Could Reduce My Taxable Income by $7,500 in 2026. Here's Why I Happily Skip It.
I'm giving up savings now to get a bigger reward later.
Overview
I don't love paying taxes any more than you do. With two kids at home, retirement savings to build, and bills to pay, I'd like to hold on to as much of my hard-earned cash as possible. So it might sound strange to hear that when given the option to reduce my taxable income by $7,500 this year, potentially saving myself thousands of dollars in taxes, I skipped it.
It's not because I can't afford to claim the deduction. It's because I recognize that claiming it comes with trade-offs I'm not willing to accept.
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Originally published at www.fool.com.
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