What does Tax-Deductible Mean and What are Examples?

If you’re someone paying income tax, you’ve likely heard the term “tax deductibles”, but what does that mean when something is deductible? Read on to learn more about what it means, examples of what is tax-deductible, along with some things you may not know were deductible.


When something is tax-deductible, it means your taxable income will not cover these items. For example, if your income is $50,000 and you have deductibles of $5,000, your taxable income will decrease to $45,000. There are a lot of things that are tax-deductible and more get added by the government all the time, however, the authorities do have a set list of what is considered tax-deductible in order to reduce misconduct in taxation.


Common Examples

These are general examples, however, some may require the meeting of certain requirements.


  • Charitable Donations
  • Business Expenses
  • Certain Home Improvement Projects
  • Mortgage Interest
  • Recovery Rebate Credit
  • Medical and Dental Expenses
  • IRA Contributions
  • State Taxes
  • HSA Contributions
  • Further Education


However, there are also a lot of things people do not realize can count as tax-deductible which is why having a great financial advisor by your side can be beneficial. Some but not all of these including but not limited to the following:

Uncommon Deductibles

  • Reinvested Dividends
  • Child Care Credit
  • Parents as Dependents
  • Saving Your Raise
  • Work Uniforms
  • Moving Expenses for Military Families
  • Performing Artist Business Expenses
  • Half of Self-Employment Tax
  • Gambling Losses
  • Whistleblower Fees

When to Hire Someone to Help with Finances

Whether you’re an individual or a business, there may come a point when spending time to perfect your finances and taxes is no longer worth it and you may as well hire out. If you’re unsure if it’s time to hire someone to help you, review our checklist to help you make a better decision.


  • You have multiple sources of income
  • You have started your own business and are unsure of the requirements
  • You have sold a business
  • Your business involves foreign countries
  • You want tax advice throughout the year
  • You earn more than $250k individually or $300k joint in marriage

Other times people choose to hire on someone else is if they have sudden changes in income such as a drastic increase or decrease in income. Individuals who experience other sudden changes such as a divorce or have increased their revenue streams may choose to want to outsource help in order to prevent accidental issues in their filings and reports. If you do not consider yourself a numbers-person, it may also be beneficial to ask for help.

If you own a business, some choose to do their own taxes and financial requirements, however, when income starts to increase or responsibilities become hard to manage, it may be a smart investment to hire someone to ensure everything is correct and you spend your time working on the aspects of your business you excel at instead of adding on extra stress.

Financial advisors help you reduce stress when it comes to personal finance or the financial sector of your business. If you’re feeling overwhelmed or unsure of the steps requires, you may consider various services from financial advisors.

Importance of Breaks at Work

Unlike what you may think, you certainly do not have to work 24/7 to see good results at work. In fact, working hard continuously without allowing time away from work can decrease productivity, your well-being, and overall satisfaction. So why should you be taking a break, even at work?


For one, it can be really to tell yourself that you don’t need a break or that if anything, you can just take one later. Perhaps you can, however, your productivity will thank you when you can get a break from focusing on the same task. In fact, studies have been shown that small breaks of 5-20 minutes can greatly improve performance and productivity.

Lunch vs. Work Attitude

Did you know that taking breaks at work can help you maintain a healthy relationship with the job? In fact, those who spend time giving themselves a proper lunch break every day are more likely to be satisfied with their jobs and remain in the same company for a long period. In addition, employees feel a greater need to work productively and willingly during hours knowing they get to take a break to eat without worrying about office demands during this time.

Small Breaks Work

A work environment where mini-breaks are allowed is one where employees’ productivity and well-being are increased. Mini breaks usually include making drinks, taking a quick walk around the office/building, or chatting to colleagues. Being able to do so gives you just enough mental breaks to where you feel able to get back to work when you’re done. Not only this but allowing socializing allows colleagues to feel more connected, establishing stronger teams.

Taking your proper 30-minute to hour-long break as needed for lunch and encouraging small breaks as needed reduces stress in employees, increases performance, and reduces the amount of time employees need at the end of the day to recover.

How Human Resources Impacts Company Culture

The Human Resource sector of a company plays an important role in determining a company’s culture. Not only that, but they ensure it remains a great corporate culture despite any changes the business may face along the way. So how do you know if your HR leaders are effectively doing their part on company culture?

Engagement and Work Effectiveness Increases

It may seem like you cannot measure organizational culture in your business, however, take note of how engages your employees are and the effectiveness of the work done. Companies without a proper work culture in place (or a negative one) may find employees to feel more sluggish throughout the day or not feel like they belong. Instead, it’s important to make employees feel excited to do their job and reward them for their excellent work.

Ability to Adapt

You do not want your company culture to change negatively simply because you’ve changed out or added teams to your business or it has grown over generations, however, you do want to keep in mind who you are working with. Over time, your employee demographics may change and the generation you’re addressing may need support in new ways, want to be engaged differently, or may require new methodologies.

New Technology

As technology increases in the workplace and teams may develop virtually and globally, it’s important to increase collaborative tools and find unique ways through technology to engage everyone involved.

Determine your Brand

You’d be surprised how much more employees can be involved if they know what the business represents. If employees can connect with the message or purpose behind the company they work for, they are much more likely to want to contribute as best they can.


The idea behind a strong company culture is to find a way for employees to feel drawn to the business, beyond the job they have. They need to feel like they belong, that they connect to the brand, and they need to feel like their hard work and engagement go noticed.