What exactly are tax write offs either for personal or business uses?
In: 7
It’s just a deduction from your gross income, which lowers the amount of taxes you owe, whether it’s business or personal. For a simplified example, say you made $100,000 this year, and paid $10,000 in mortgage interest, you can deduct that 10k from the 100k and only pay taxes on that 90k left over. For businesses, it’s the same principle, just different rules on what is allowed.
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