Tax Write-off (Noun)
Meaning
A reduction in the gross amount on which a tax is calculated; reduces taxes by the percentage fixed for the taxpayer's income bracket.
Classification
Nouns denoting possession and transfer of possession.
Examples
- The company was able to claim the cost of the new equipment as a tax write-off, reducing their taxable income for the year.
- After the fire damaged their warehouse, the business owners were able to claim the loss as a tax write-off, which helped offset their financial losses.
- The artist was able to claim her studio rent as a tax write-off, which helped reduce her taxable income and lower her tax bill.
- The charity event's organizers were able to claim the costs of hosting the event as a tax write-off, thanks to their non-profit status.
- The entrepreneur was able to claim the costs of her home office as a tax write-off, which helped reduce her taxable income and increase her refund.