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LSDefine

Simple English definitions for legal terms

deductible

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A quick definition of deductible:

Deductible: A deductible is an amount of money that you have to pay before your insurance starts paying for things. For example, if you have a $1,000 deductible and you get into a car accident that causes $10,000 in damage, you would have to pay $1,000 and your insurance would pay the remaining $9,000. Deductibles can also be used to lower the amount of taxes you have to pay. Certain expenses, like charitable donations or healthcare costs, can be deducted from your taxable income, which means you'll owe less money in taxes.

A more thorough explanation:

Definition: A deductible is an amount of money that must be paid by an individual or organization before an insurance company pays out for claims. It can also refer to expenses that can be subtracted from taxable income to reduce the amount of taxes owed.

When someone has insurance, they may have to pay a certain amount of money out of pocket before the insurance company will pay for any damages or losses. This amount is called a deductible. For example, if someone has a car insurance policy with a $500 deductible and they get into an accident that causes $2,000 in damage, they will have to pay $500 and the insurance company will pay the remaining $1,500.

Some expenses can be deducted from taxable income, which can lower the amount of taxes owed. For example, if someone earns $50,000 in a year and has $5,000 in tax-deductible expenses, they will only have to pay taxes on $45,000 of their income. Tax-deductible expenses can include things like charitable donations, medical expenses, and business expenses.

It's important to note that the rules for tax-deductible expenses can vary depending on the jurisdiction and the type of tax. For example, the rules for deducting business expenses on a federal income tax return may be different from the rules for deducting business expenses on a state income tax return.

dedimus potestatum | deductible business expense

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madollyy
20:41
My university does not list A+
JumpySubsequentDolphin
20:42
yeah my university’s the same way, so frustrating! still a great GPA and with a killer LSAT score you’ll be good to go :)
JumpySubsequentDolphin
20:42
if you have the means, I’ve heard private tutoring is the way to go
madollyy
20:44
Fingers crossed! I mean I'd be so so glad to go to law school period, but I am a bit of an overachiever. Dream is Berkeley rn, but I'm of course happy to go anywhere that lines up with my plans. And is kind enough with scholarships lol
madollyy
20:44
I'll have to see if my parents are willing to support that. I'm living on my own but ik if it'd help me they'd be willing to help
JumpySubsequentDolphin
20:47
who knows, you might not even need a tutor! Take a diagnostic and see where you stand :)
Dkk
21:03
@madollyy: yeah that happend to me too with my community college transcript. You can try calling to see if they can alter your transcript but like mine would not do it.
Dkk
21:04
Ask @babycat to tutor you @madollyy
cat food is expensive tho
21:09
I HOPW THAT ISNT REAL
@JumpySubsequentDolphin: I would push back on this. I think for the vast majority of people LSAT tutoring is unnecessary.
21:09
oh its from nov 12 phew
21:09
i was about to have a heart attack
21:09
at the berk decision lmao
@madollyy: I focus on bringing your GPA up as much as possible in the last semester because once you graduate you cannot change that. So don't study for the LSAT next semester if you think that would impair your ability to get straight A's. As for LSAT studying, I would recommend LSAT Demon (ik controversial), the Loophole, and Reading Comp Hero.
*I would focus
JumpySubsequentDolphin
21:11
@texaslawhopefully: oh I’m not sure hahaha im just basing off of my friend who got a tutor bc she was rly struggling and it seemed like it helped her!
Yeah, that's fair! For some people it can help a lot. I'm just saying in general I don't think it is necessary unless you are trying to finetune a very specific area (or get to the high 170s because that is another thing in and of itself) OR are just terrible at the test. I tutor the test and I find that most people can improve just as much through self-study.
JumpySubsequentDolphin
21:13
that makes sense for sure
JumpySubsequentDolphin
21:13
i think for her it was a lack of discipline more than anything else tbh. she could not get herself to meaningfully study on her own
madollyy
22:05
I've finished all my major requirements, so I'm taking pretty much all electives next semester. Keeping one major specific class bc I'm majoring in it for a reason haha. But I'll be pretty free to study and try and improve my GPA. I will try self study first, see where that gets me. If that doesn't work I'll look into tutoring!
the way there probs won't be another wave until after thanksgiving LMFAO
i hate this
JumpySubsequentDolphin
22:07
omg i just got a Snapchat memory of my friend losing her mind bc she thought Eminem was black
JumpySubsequentDolphin
22:07
SHES FROM MICHIGAN
JumpySubsequentDolphin
22:07
THIRTY MINS AWAY FROM DETROIT
babycat
22:10
most of the stuff a tutor will teach you is stuff you can figure out yourself if you’re sufficiently motivated. if you would benefit from some support and structure tutoring can be helpful
babycat
22:13
thanks for the plug dk you’re a sweetie
^^one hundred percent agree
babycat
22:16
texas what made you decide you wanted to go to law school so young? just opportunity cost or something else?
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