tax write-off
Deductible business expense
A tax write-off is an expense that reduces taxable income.
Businesses write off operating costs; individuals might write off charitable donations or mortgage interest.
In casual use, write-off often implies something is essentially free because it's deductible: Don't worry about the dinner—it's a write-off.
This overstates the benefit, since a deduction only reduces taxes owed, not the full cost.
- tax planningStrategies minimizing owed levies
- tax breakReduction in owed amount
- depreciationAsset value reduction over time
- charitable donationGift to help others
- mortgage interestFee for borrowed home funds
tax compliance · adjusted gross income · April 15th · end of year · expense tracking · paper trail · student loan interest · itemized deductions · tax exemption · tax shelter · home office deduction · standard deduction · professional fees · Schedule C · capital loss · business expense · accounting principles · Seinfeld
- deductionssubtraction, deductive reasoning, inference, conclusion, standard deduction
- tax lossescapital loss, capital losses, business loss, business losses, net loss
- giftsgift, gifts, present, presents, gift boxes
tax write-offtaxable income
Earnings subject to taxation
gross income · capital gain · earned income · recapture · ordinary income
tax write-offtax liability
Money owed to government
taxable income · tax bill · tax burden · tax obligation · tax penalty
write-off, taxes, taxed, taxing, taxation, taxable, write, writes, wrote