What is a Tax Write-Off?

Taxes 101

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.

Embed the above image on your site using the code below:

Comments (4) Leave your comment

  1. I was driving a semi truck over the road I thought that according to DOT laws that we were allowed a $46 or $42 tax write off every day that we slept in our truck.

  2. I live in Washington state, and paid $760 in union dues last year. Does anyone know if this is deductible? Thanks!

  3. I am a hairstylist, I have my nails done for a more professional look at work. Is it possible to write the cost off on my taxes? Hope this isn’t a crazy question.

Leave a Reply