What are tax write-offs? Do they matter?

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Posted by Rebecca (MONEY FORUMS: 5, Answers: 0)
Asked on September 15, 2015 9:23 am
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The higher your Modified Adjusted Gross Income, the more your tax write-offs matter. If you are a business owner or a freelancer, or a real estate investor, its very likely that it will be worth your money to hire a CPA to help you with your taxes. Last year, I fake prepared my taxes before sending it to my CPA (who I paid $250). My CPA found close to $6000 worth of write offs (and capital gains losses) that I missed.
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Posted by Hannah Rounds (MONEY FORUMS: 0, Answers: 17)
Answered: October 20, 2015 1:13 pm
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Tax write-offs lower your taxable income. Examples of tax write-offs are mortgage interest and real estate taxes. The more tax write-offs you have the lower your taxes.
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Posted by Peter Neeves (MONEY FORUMS: 1, Answers: 59)
Answered: October 9, 2015 2:00 pm
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