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What is Tax-deductible? Comments

  • By Jocelyn Black Hodes, DailyWorth's Resident Financial Advisor
  • June 21, 2013

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

 

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