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Tax-Deductible

Tax-Deductible Definition

Tax-Deductible means an item that is exempt from inclusion in one's taxable income or the amount of tax to be paid. These expenditures reduce the amount of tax. Tax-Deductible items and the rules governing the deductibility are specified by tax authorities. Expenditures that can be subtracted from gross income include charitable contributions, state and local taxes, mortgage interest, or unreimbursed business expenses.
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