tax-deductible

Definition

An item or expense subtracted from adjusted gross income to reduce the amount of income subject to tax. Tax authorities specify the items that can be deducted from gross income for the purpose of reducing taxable income, and the specific rules governing the deductibility of each of these items. Some examples of tax-deductible items include mortgage interest, state and local taxes, unreimbursed business expenses, and charitable contributions.

Use tax-deductible in a sentence

I received a tax-deductible for the first time and I immediately went to my friend, who knew everything about taxes, and asked him what was going on.

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I donated clothe to Good Will and also donated money to the Wounded Warriors Project, its good to give back and its also nice because they are tax-deductible on my taxes every year.

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My boss bought his new house in the suburbs in part because he wanted a large mortgage payment that would be tax-deductible and would allow him to reduce the amount of money he paid to the government.

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tax-advantaged property tax