tax relief

Tax relief refers to provisions in tax laws that reduce the amount of tax owed by individuals or businesses. This can come in various forms, such as deductions, credits, and exemptions. For instance, a deduction lowers your taxable income, while a credit directly reduces the tax bill. Tax relief aims to provide financial assistance, encourage certain behaviors (like charitable giving), or support specific sectors of the economy. By easing the tax burden, it helps individuals and businesses retain more of their income for spending or investment.