This week on Financial Friday’s, tax
deductible. What are they and some examples. Hey this
is Joanne with Broadcast Sunny and this is the first episode of financial
Friday’s, tax deductibles whoo-hoo. Simply-put tax deductibles are a way of
lowering your taxable income so you are paying less taxes. So, a more in-depth
definition is best shown by example. So you have your income, this is all the
money you get in from the year maybe it’s salary, dividends, interests,
everything you’re getting in from the year and then you have your taxable
income. Your taxable income is a portion of your
income that the government actually taxes you on and to get that taxable … uh,
taxable income low so you can pay lower taxes, one way to do it is through tax
tax-deductible items. Now keep in mind there’s also a standard deduction that
that might be higher then your itemized deductions check out that video next
week on financial Friday so check the financial Friday’s playlist some
examples of tax deductible items your mortgage interest, your student loan
interests, medical bills that are not paid for by insurance or your health
savings account, HSA, but your HSA contributions are tax deductible,
qualified charitable organizations and I say qualified because the organization
has to have a tax deductible status in order for you to take that tax
deductible you can ask the organization if they are tax deductible their
donations are your donations to them if they’re not sure they’re probably not.
Get receipts so you could put it in with the taxes. You can …to these charitable
organizations you can give gifts of cash also in many places they’ll take clothes,
housewares, books, what’s the other one, a car that’s what I was thinking. Also
there is a lot of business expenses that are tax-deductible but they’re too many
to describe here you’re gonna have to look into that further and it can get
complicated too so those are probably the majority of texts deductible items
that you’ll come across. If you liked this video please like, share, subscribe
and stay tuned next week for standardized versus itemized deductions
and comment below say hi you helped me with this video I’d really appreciate it
thank you