Learn more about common financial (and startup) terms here. To learn more about Pilot, fill out the form below.
A tax deduction is an expense that can be subtracted from a taxpayer's gross income to reduce the total taxable income. Deductions, therefore, lower the overall tax liability by decreasing the income that's subject to tax.
In more depth, tax deductions can come in many forms, from common ones like mortgage interest and charitable contributions for individuals to business expenses for companies. These business expenses can include costs related to running the business, such as office rent, employee salaries, and equipment purchases. As a founder, understanding what expenses can be deducted from your taxable income can significantly impact your startup's net income and overall tax strategy.
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