What is a tax write-off?

A tax write-off, otherwise referred to as a tax deduction, is an expense deducted from your taxable income. If an expense qualifies as deductible per the IRS criteria, the expense is deducted from your taxable income before computing your taxes.

sub2 Tax Write-Offs

Six possible legal tax write-offs

  1. Qualified business income for Tax Write-Offs
  1. Home office
  1. Property rent
  1. Education
  1. Work-related car use
  1. Professional fees
sub Tax Write-Offs

Final words

Tax write-offs are a good way to lower your tax bill or reduce your taxable income. However, working with a skilled business advisor can help you identify all possible tax deductibles for your business that could see you saving hundreds or thousands of dollars per tax season.

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The Enterprise Diary is distinctively focuses on five major industries i.e Technology, Healthcare, Finance, Manufacturing and Consulting.

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