allowable deductions
Permitted expense reductions
Allowable deductions are expenses that tax authorities permit you to subtract from your income before calculating what you owe.
The term appears in tax law and accounting: Mortgage interest is an allowable deduction.
What qualifies varies by jurisdiction and changes with tax codes, so taxpayers track which expenses count as allowable deductions each year.
- tax write-offExpense reducing taxable income
- medical expensesFees for treatment
- out of pocketPaid from personal funds
- mortgage interestFee for borrowed home funds
- office suppliesMaterials for desk work
travel expenses · student loan interest · advertising costs · education expenses · cost of living · property taxes · union dues · alimony payments · capital losses · brokerage fees · home office · charitable contributions · utilities · depreciation · business meals
allowable deductionstaxable income
Earnings subject to taxation
gross income · taxable earnings · taxable gains · tax liability · revenue
allow, allowable, allowed, allowing, allows, allowance, allowances, disallow, disallowed