What is the meaning of write off taxes?

tax write off meaning is any expense that is an eligible expense that minimizes your income tax. It is a legal way of expenses to cover the cost incurred in the process of generating income, conducting business or even sustaining personal financial demands. Some examples are the purchase of equipment, mileage, gifts, healthcare costs, internet payments, and courses. Through the declaration of tax write offs, your taxable income is reduced, thus reducing the amount of tax that you will pay. The concept assists the tax payers to not get taxed on the amount of money already incurred on basic or job related costs.