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What are tax deductions?

Tax deductions are expenses or allowances that reduce a taxpayer's taxable income, thereby lowering the amount of income subject to taxation. They can include various expenses such as mortgage interest, medical expenses, charitable contributions, and certain business expenses, either through itemized deductions or the standard deduction.

What expenses are tax deductible?

Common tax deductions include charitable donations, mortgage interest, medical expenses, education expenses, and business expenses. Are there limits on tax deductions?

Do tax deductions reduce taxable income?

Remember, tax deductions only reduce taxable income. The good news is you don’t have to choose between tax deductions or credits. If eligible, you can receive both tax credits and deductions to help lower your overall tax obligation. There are several tax credits available to you if you qualify, ranging from education to energy-saving items.

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Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.

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