Tax Deduction Rules

Tax deductions reduce your taxable income, meaning you pay less in taxes. Common deductions include expenses like mortgage interest, medical costs, charitable donations, and business expenses. Each country has specific rules about what can be deducted and the documentation required. Deductions can vary significantly based on individual circumstances, such as your filing status and income level. By claiming deductions, you lower the amount of income that is subject to taxation, ultimately reducing your overall tax bill. It’s important to keep accurate records and consult tax guidelines or professionals to maximize your deductions legally.