deduction

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Deduction

That which is deducted; the part taken away; abatement; as in deductions from gross income in arriving at net income for tax purposes.

In Civil Law, a portion or thing that an heir has a right to take from the mass of the succession before any partition takes place.

A contribution to a charity can be used as a deduction to reduce income for Income Tax purposes if the taxpayer meets the requirements imposed by law.

deduction

n. an expenditure which an income tax payer may subtract from gross (total) income to determine taxable income. This is not the same as an exemption which is for one's marital status, age over 65, blindness and number of dependents (e.g. children), which, added together, reduce the tax owed.

deduction

(Conclusion), noun assumption, divination, hypothesis, illation, implication, logical process, logical sequence, opinion, postulate, postulation, ratiocination, rationalization, reasoned judgment, supposal, supposition, surmise, theory, thesis

deduction

(Diminution), noun abatement, attenuation, cut, decline, decrease, decrement, deductio, deminutio, discount, dwindling, lessening, lowering, making less, minimization, reduction, removal, shortening, shrinkage, subduction, subtraction, withdrawal
Associated concepts: allowable deduction, business deduccions, deduction directed by law, deduction from purchase price, deduction of cost, deduction of expense, deductions from account, deductions from salary, income tax deduccions, marital deduction, special deduction
See also: computation, concept, conclusion, consequence, construction, corollary, decrease, decrement, determination, dialectic, diminution, discount, estimate, estimation, holding, hypothesis, idea, inference, perception, presumption, ratiocination, rebate, removal
References in periodicals archive ?
To learn more on tax deductible mortgage expenses, please visit LoanLove.
Donations to Australian disaster relief funds, established to provide relief in the aftermath of the bushfires, will be tax deductible for a period of two years from the date of this declaration.
She said firms should also be aware that small gifts to clients were tax deductible.
Continuing with the same example, if the individual contributed $50,000 each year to a Tax Deductible Annuity[TM] for five years and received the income at age 70, this could be the result:
This provides that interest on a financed plan is tax deductible if no part of (at least) four of the first seven annual premiums of a policy is paid through borrowing, either from the policy or elsewhere.
I noticed it says that donations to that project are not tax deductible.
I would not be surprised to see a limitation on the amount of monthly premium that is tax deductible, which would affect almost all of the current insurance policies.
For retiree health benefits, employer payments are all tax deductible - unless they come from excess pension assets, which were already deducted as contributions to the pension trust.
com) is excited to announce its extended hours and the launch of its new web site just in time for those looking to make an end of year tax deductible donation for 2008.
com)-- Long term care insurance premiums remain one of the tax deductible expenses few individuals are aware of according to the American Association for Long Term Care Insurance.
Even though down payments on a home mortgage loan are not tax deductible, the article luckily points out that there are still some benefits loan borrowers can reap when purchasing a home with a mortgage loan.
However, assuming the education meets the requirement of maintaining or improving skills required in their profession and the taxpayer meets certain tests, such expenses may in fact be tax deductible.