tax write-offs
Deductible business costs
Tax write-offs are expenses that can be deducted from taxable income, reducing the amount of tax owed.
Businesses write off operating costs, depreciation, and losses; individuals write off mortgage interest, charitable donations, and medical expenses.
The term often carries a whiff of financial gamesmanship: The yacht was supposedly a tax write-off for business entertainment.
- mortgage interestFee for borrowed home funds
- medical expensesFees for treatment
- advertising costsMoney for promotional outreach
- insurance premiumsPeriodic payments for coverage
- retirement contributionsFunds allocated for post-work years
property taxes · operating expenses · moving expenses · loopholes · creative accounting · education expenses · office supplies · travel expenses · business lunch · earned income credit · vehicle depreciation · paper trail · alimony payments · charitable donations · student loan interest · itemized deductions · tax deductions · professional fees
- business expensespayroll, office rent, salaries, wages, office supplies
- travel expensestravel expenses, hotel bookings, airfare, travel reimbursement, hotel costs
tax write-offstaxable income
Earnings subject to taxation
taxable gains · taxable earnings · gross income · tax liability · capital gains
tax write-offstax bill
Statement of taxes owed
tax burden · tax obligations · tax liability · tax penalty · back taxes