Glossary

The Childcare Expenses Deduction allows eligible taxpayers to reduce their taxable income by claiming expenses related to childcare services. This deduction supports working parents and guardians in managing their financial obligations effectively.

The Casualty and Theft Losses Deduction allows taxpayers to claim losses due to accidents, thefts, or natural disasters on their tax returns.

The Car and Truck Expenses Deduction allows business owners and self-employed individuals to reduce their taxable income by deducting vehicle-related expenses from their tax returns.

Depreciation deduction allows businesses to recover costs of tangible asset expenses. This tax benefit aids in improving cash flow and encourages investment.

The Health Savings Account (HSA) deduction allows eligible taxpayers to deduct contributions made to their HSA, promoting savings for medical expenses while offering tax benefits.

The Retirement Savings Contribution Deduction is a tax benefit that allows eligible taxpayers to deduct contributions made to retirement accounts, enhancing retirement savings and reducing taxable income.

The Educator Expenses Deduction allows eligible teachers and educators to deduct certain unreimbursed expenses related to classroom supplies and materials directly from their taxable income.

Moving Expenses Deduction for Military allows eligible military personnel to deduct unreimbursed moving costs on their tax returns when they are required to relocate due to a change in duty station.

The Business Meals Deduction allows businesses to partially deduct meal expenses incurred during professional activities, enhancing tax efficiency and financial clarity.

Business Travel Expenses Deduction allows businesses to reduce taxable income by deducting qualifying travel costs incurred for business purposes.