Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

tax deduction

Read a random definition: disability insurance

A quick definition of tax deduction:

Tax deduction: A way to reduce the amount of taxes you owe by subtracting certain expenses or items from your taxable income. This can include things like charitable donations, healthcare costs, and business expenses. The amount you can deduct varies depending on where you live and whether you are an individual or a business. You can either use the standard deduction or itemize your deductions, but you can't use both. The standard deduction is a set amount that everyone can use, while itemized deductions are specific to your situation.

A more thorough explanation:

Tax deduction is a way to reduce the amount of taxes a person or organization owes in a given year. It is an item or expense that can be subtracted from the total taxable income, which can significantly lower the amount of taxes owed.

For example, if an individual made $50,000 in a year and had $10,000 worth of tax deductions, their taxable income would be reduced to $40,000. This means they would owe less in taxes than if they did not have any deductions.

Some common tax deductions include:

  • Charitable contributions
  • Healthcare costs
  • Capital losses
  • Business expenses

The amount and types of deductions that can be claimed vary depending on the jurisdiction and whether the tax is for an individual or organization. In the United States, individuals can choose to either use the standard tax deduction or itemize their deductions. The standard deduction is a fixed amount that varies based on filing status and age. For example, in 2021, single filers have a standard deduction of $12,550, and married filers have a standard deduction of $25,100.

Itemizing deductions means using all the specific deductions applicable to an individual. However, they can only use one or the other. A person generally will use the much simpler standard deduction unless their itemized deductions will total more than the standard deduction.

Overall, tax deductions are a way to reduce the amount of taxes owed and can be a significant benefit for individuals and organizations.

Tax Cuts and Jobs Act of 2017 (TCJA) | Tax evasion

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
ParallelAgreeableOrangutan
21:20
They don't send your application back to you and tell you to redo an addendum if they don't like it, so the only way to know whether they "accepted" it, as it were, is admissions results
Bettercaulsaul
22:28
Helpful video I found https://youtu.be/2ZVrX6DTSKU?si=KsZeWbF4_fJuqKl5
23:17
who up lsdin they law
8:27
now why does the basement here reek of glossier you
any spivey thoughts? thinking about applying for pro bono
What constitutes "diverse background" for the spivey pro bono?
I'm as "nURM" as they come, but I was the victim of a violent crime which absolutely tanked my grades. I would really want expert help on tackling that in my GPA addendum and my PS, but don't really have thousands to throw at consultants
no harm applying ig
Yeah, good point. Not up to me to tell myself no! Just don't want to waste their time
9:25
I’m a supporter of wasting Spivey’s time
9:26
I hate that bum
yeah I think consultant services are overall predatory and classist but yknow I wouldn’t say no to someone helping me out for free
DarioDarko
9:40
On LSAC, you can find a career advisor from your undergrad. That’s what I used
DarioDarko
9:41
Otherwise I’ve been a journalist for past 4 years professionally and 8 total. Would be happy to help proofread
9:42
[deleted by esoterica]
9:42
But the other consultants are probably fine
9:43
He posted some of his writing from his blog once as an example of what a PS should look like and it is so horrendous you guys
9:45
I’m going to be nice. All I will say is I don’t think this caliber of writing would be beneficial to your law school application
tbf it isnt spivey whos editing your personal statement
9:50
Yeah agreed the other people at the firm are prob fine
9:51
But please read that blog post it’s soooo funny
ahahahahhahaha yeah i am sure one if not the most trusted law school admissions consulting service cant write all fancy dancy when they fucking want lmfao
you like one of those idiots who think spelling is a sign of ingelligence
I am REALLY impressed with the way you know words
i think hes seen interstellar too many times
Yeah he shoulda quoted the bible
bitch he didn’t quote anything
you need some inpatient help my man
NosyBeagle
9:58
never heard of this guy. i am intrigued
LSD+ is ad-free, with DMs, discounts, case briefs & more.