What is Tax Savings? | Meaning & Definition | Akrivia HCM

A tax saving is a reduction in the amount of taxes paid by an individual, business, or other taxpayers. This can result in a reduction of income tax withholding or total tax liability after filing an income tax return. Tax savings often results from deductions, exemptions, and credits. The more significant your tax savings and your refund check are, the greater your financial security.

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