Tools: Learn New Words | Secure Password Generator | Startup Tools | PDF Generator

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.

Synonyms

  • Deduction
  • Tax Deduction

Hypernyms

  • Write-down

Hyponyms

  • Tax Break
  Copyright © 2024 Socielo Tech. All Rights Reserved. | Privacy Policy | Terms of use