How do tax write offs work?
Tax write offs simply are rules that allows you to spend money in a certain way and not be taxed. For instance, you do not have to pay income tax on the money you pay for interest on a home mortgage. Or, if you money gambling, you can ‘write off’ all document gambling losses. If you are an independent trucker, you can ‘write off’ the cost of the truck, fuel, tolls and more from profits before paying taxes.
