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Deductible |
Also found in: Dictionary/thesaurus, Medical, Financial, Wikipedia | 0.03 sec. |
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That which may be taken away or subtracted. In taxation, an item that may be subtracted from gross income or adjusted gross income in determining taxable income (e.g., interest expenses, charitable contributions, certain taxes). The portion of an insured loss to be borne by the insured before he or she is entitled to recovery from the insurer. Automotive insurance policies frequently include a deductible, such as $250 or $500, which the insured must pay before receiving reimbursement under the policy. Usually, the insured motorist chooses among several levels of deductible, with the policy payment being somewhat lower when the insured chooses a higher deductible. Many types of insurance policies include a deductible amount. |
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? References in periodicals archive |
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Previous Tax Clinic items have addressed the deductibility and potentially tax-favored funding mechanisms of tuition and fees as medical expenses for special-needs children (see Goldsberry, Tenney and Luke, "Deductibility of Tuition and Related Fees as Medical Expenses," TTA, November 2002, pp. House on Friday, July 29, 2006, increases the maximum deductibility limit and allows the plans' fiscal health to move forward. Abandon or substantially narrow the Reasonable Expectation of Profit (REOP) test included in draft legislation clarifying the deductibility of interest and other expenses. |
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