What is a Tax Write-Off?

Have you ever wondered just exactly what a ‘write-off’ is? Well, a write-off is any legitimate expense that can be deducted from your taxable income on your tax return. For many, this is the trickiest part of filing their income tax, particularly because there is a fine line between which expenses are deductible and which ones are not. If you are still confused, or if you just want to learn more, take look at the graphic below. Hopefully, it’ll help answer any questions you may have about how the whole process works.

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