deductible expenses
Write-off eligible costs
Deductible expenses are costs that can be subtracted from taxable income, reducing the amount of tax owed.
Businesses deduct operating costs like rent, supplies, and employee wages.
Individuals may deduct mortgage interest, charitable donations, or medical expenses above a threshold.
Keep receipts for all deductible expenses.
The rules for what qualifies vary by jurisdiction and change frequently.
- out of pocketPaid from personal funds
- operating costsRegular expenses for functioning
- business mealsWork-related restaurant outings
- home officeResidential work area
- tax liabilityMoney owed to government
Schedule C · depreciation · mileage log · charitable donations · loopholes · mortgage interest · tax code · tax credits · student loan interest · office supplies · retirement contributions · filing deadlines · April 15th · exemptions · professional fees · tax brackets · rent payments · tax refund
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- tax deductionsexemptions, write-offs, tax breaks, mortgage interest, charitable donations
- travel expenseshotel bookings, airfare, travel reimbursement, hotel costs, per diem
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Earnings subject to taxation
gross income · revenue · capital gains · earned income · taxable earnings
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