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Simple English definitions for legal terms

tax write-off

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A quick definition of tax write-off:

A tax write-off is a way to reduce the amount of money you owe in taxes. It's like a special deduction that you can take for things like losing money on an investment or spending money on business expenses. By taking a tax write-off, you can lower your taxable income and pay less in taxes.

A more thorough explanation:

Definition: A tax write-off is a deduction of depreciation, loss, or expense that reduces the amount of income subject to taxation.

Example 1: If you own a business and purchase new equipment, you may be able to write off a portion of the cost of that equipment as a depreciation expense on your tax return. This reduces your taxable income and can lower your tax bill.

Example 2: If you donate money to a qualified charity, you may be able to write off that donation as a charitable contribution on your tax return. This reduces your taxable income and can lower your tax bill.

These examples illustrate how tax write-offs can help individuals and businesses reduce their tax liability by deducting certain expenses or losses from their taxable income. By doing so, they can lower their overall tax bill and keep more of their hard-earned money.

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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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