Tax Deductible Expenses

Tax deductible expenses are costs you can subtract from your total income when calculating your taxable income. This reduces the amount of income that is taxed, potentially lowering your tax bill. Common examples include business expenses, mortgage interest, medical expenses, and charitable donations. The goal of deductibles is to account for necessary and ordinary costs incurred to earn income or fulfill personal obligations, ensuring you only pay taxes on your net, rather than gross, income. It's important to keep records of these expenses and understand what qualifies under tax laws to benefit fully from deductions.