What are deductible expenses?

What are deductible expenses?

Deductible expenses are costs that you can subtract from your total income to reduce your taxable income.

Can you give me some examples of deductible expenses?

Sure! Common examples include business expenses, medical expenses, mortgage interest, and charitable contributions.

How do I know if an expense is deductible?

To determine if an expense is deductible, check if it is necessary, ordinary, and directly related to your business or income.

Are there limits on how much I can deduct?

Yes, some expenses have specific limits or thresholds. It's important to consult IRS guidelines or a tax professional.