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  1. Dictionary
    Tax-de·duct·i·ble
    /ˌtaks dəˈdəktəbəl/

    adjective

    • 1. able to be deducted from taxable income when calculating income tax due: "the interest charge would be fully tax deductible"
    More Definitions, Word Origin & Scrabble

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  3. www.investopedia.com › terms › tUnderstanding Tax Deductions: Itemized vs. Standard Deduction

    Apr 17, 2024 · Tax Deduction: A tax deduction is a reduction in tax obligation from a taxpayer's gross income . Tax deductions can be the result of a variety of events that the taxpayer experiences over the ...

    • Salt

      For tax purposes, a deductible is an expense that can be...

    • Medical and Dental Expenses

      Tax-Deductible Interest: Definition and Types That Qualify....

  4. www.merriam-webster.com › dictionary › tax-deductibleTax-deductible Definition & Meaning - Merriam-Webster

    Apr 18, 2024 · tax-deductible: [adjective] allowed to be subtracted from the total amount of a person's income before calculating the tax he or she is required to pay : allowable as a deduction from taxes.

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  6. www.nerdwallet.com › article › taxes22 Popular Tax Deductions and Tax Breaks for 2023-2024

    Apr 18, 2024 · 1. Child tax credit. The child tax credit, or CTC, is a tax break for families with children below the age of 17. To qualify, you have to meet certain income requirements. The 2023 child tax ...

  7. www.jacksonhewitt.com › tax-help › tax-tips-topicsWhat is taxable income? - Jackson Hewitt

    Apr 24, 2024 · Contribute to retirement accounts. One of the most effective ways to lower your taxable income is by contributing to retirement accounts, like traditional IRAs, 401 (k)s, or 403 (b)s. The money you contribute to these accounts is typically tax-deductible, meaning it reduces your taxable income for the year.

  8. www.rocketmortgage.com › learn › tax-deductions-for8 Tax Deductions For Homeowners | Rocket Mortgage

    Apr 14, 2024 · In the past, homeowners could deduct up to $1 million in mortgage interest. However, the Tax Cuts and Jobs Act has reduced this limit to $750,000 as a single filer or married couple filing jointly. If you are married but filing separately, the deduction limit is $375,000 for each party. 2. Home Equity Loan Interest.

  9. www.nerdwallet.com › article › taxes15 Self-Employment Tax Deductions to Know - NerdWallet

    Apr 22, 2024 · The self-employment tax rate is 15.3% of net earnings. That rate is the sum of a 12.4% Social Security tax and a 2.9% Medicare tax on net earnings. Self-employment tax is not the same as income ...

  10. time.com › personal-finance › article7 Common Write-Offs You Can Deduct From Your Taxes

    Apr 14, 2024 · 7 Examples of tax write-offs. 1. Medical and dental expenses. Medical and dental expenses can be claimed as itemized deductions but only to the extent that the total amount of such expenses ...

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