Glossary

The Mileage Deduction allows taxpayers to deduct vehicle-related expenses when using their vehicle for business, medical, or charitable purposes. Understanding this deduction can optimize tax savings.

The State Sales Taxes Deduction allows taxpayers to deduct state and local sales taxes from their federal taxable income as an itemized deduction.

The Retirement Plan Contributions Deduction allows individuals to deduct contributions made to qualified retirement plans, reducing taxable income and aiding future financial stability.

Employee Benefits Deduction refers to the process where specific contributions or expenses, typically related to employee benefits, are deducted from taxable income, thus impacting a taxpayer’s financial obligations.

The Contract Labor Deduction allows businesses to deduct expenses paid to independent contractors, promoting compliance and reducing taxable income.

Employee Wages Deduction refers to the legal deductions from an employee's paycheck for taxes and other obligations, ensuring compliance with financial regulations.

The Travel Meals Deduction allows taxpayers to reduce taxable income by deducting 50% of meals purchased while traveling for business.

Rent Deduction for Business Property allows businesses to deduct rental expenses for property used in operations, reducing taxable income.

The Internet and Phone Expenses Deduction allows eligible individuals and businesses to reduce taxable income by claiming costs of internet and phone services used for business purposes.

The Software and Subscriptions Deduction allows businesses to deduct expenses related to software and digital subscriptions. It’s crucial for tax savings and compliance.