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The IRS has set many tax deductions and benefits in their place for citizens. Unfortunately, some taxpayers who bring home a high level of income can see these benefits phased out as their income climbs.

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Some people receive a sizable fat refund every year because too much is being withheld using their weekly or bi-weekly salaries. It wasn't until a few rice that an associate of mine came and asked me why I didn't worry a lot of about the $275 tax refund I received.

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