👉 Deductibility is a legal concept that refers to the ability of an individual or entity to claim a tax deduction for certain expenses. This can be achieved by claiming deductions that are allowable under certain conditions, such as medical expenses, charitable contributions, and interest on savings. For example, if you have a mortgage payment that exceeds your monthly income, you may be able to deduct those payments from your taxable income in order to reduce your tax liability. Similarly, if you make a charity contribution that is deductible
