Comment on What is a "tax write off"?
BartyDeCanter@lemmy.sdf.org 9 months ago
A write off is a colloquialism that refers to reducing your effective taxed income. A more realistic example would be, let’s say you make $250k, but you’re self employed and spent $50k on business expenses like a car and office space. Then you can write off that $50k and only pay taxes like you made $200k.