tax deductions
Reduce taxable income
Tax deductions are expenses or amounts that reduce taxable income.
Governments allow deductions for certain costs—mortgage interest, charitable donations, business expenses—lowering the income figure on which taxes are calculated.
She itemized her deductions instead of taking the standard deduction.
Deductions differ from tax credits, which reduce the tax owed directly rather than reducing taxable income.
- depreciationAsset value reduction over time
- property taxesGovernment charges on land
- tuition feesCharges for instruction
- medical expensesFees for treatment
- charitable donationsGifts to worthy causes
office supplies · home office · union dues · write-offs · travel expenses · mortgage interest · moving expenses · student loan interest · above the line · rent payments · itemized deductions · alimony payments · tax compliance · dependents · tax brackets · insurance premiums · donations · filing
- payrollpaycheck, gross pay, base salary, net pay, pay stub
- taxationtax, income tax, sales tax, tax return, tax refund
- US Taxationincome tax, federal tax, tax rates, tax code, IRS
- business taxestax returns, tax filing, deductions, taxable income, small business tax
- income taxtax return, taxable income, tax brackets, tax rates, tax bracket
- self-employmentself-employed, freelancing, self-employment, sole proprietorship, sole proprietor
tax deductionstax increases
Raised government levies
tax penalties · tax liabilities · tax assessments · back taxes