What is another word for tax write-offs?
Pronunciation: [tˈaks ɹˈa͡ɪtˈɒfs] (IPA) 
Tax write-offs is a term often used to refer to deductions that can be claimed on your tax return, reducing the total amount of taxable income you have for the year. Other terms that can be used interchangeably with tax write-offs include tax deductions, tax credits, and tax allowances. Tax deductions reduce your taxable income by subtracting qualified expenses, such as medical expenses or a portion of your mortgage interest. Tax credits are subtracted directly from your tax liability, reducing the amount you owe. Tax allowances are personal or family-related deductions that are applied to reduce taxable income. Regardless of the terminology used, tax write-offs are an important tool to help reduce tax liabilities.
