deduction


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Related to deduction: tax deduction

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 classic literature ?
But you spoke just now of observation and deduction.
For example, observation shows me that you have been to the Wigmore Street Post-Office this morning, but deduction lets me know that when there you dispatched a telegram.
Yes, I have a turn both for observation and for deduction.
Those rules of deduction laid down in that article which aroused your scorn, are invaluable to me in practical work.
I know not," continued Dupin, "what impression I may have made, so far, upon your own understanding; but I do not hesitate to say that legitimate deductions even from this portion of the testimony - the portion respecting the gruff and shrill voices - are in themselves sufficient to engender a suspicion which should give direction to all farther progress in the investigation of the mystery.
Nowhere had he found any sign that men had stopped even temporarily upon this shore, though, of course, he knew that so quickly does the rank vegetation of the tropics erase all but the most permanent of human monuments that he might be in error in his deductions.
The deductions which society may have drawn concerning our friendship need scarcely trouble you, under the circumstances.
Anne was miserably silent, hampered by her deductions from her conversation with Owen.
When the editor-in-chief was in possession of the precious foot and informed as to the train of intelligent deductions the boy had been led to make, he was divided between the admiration he felt for such detective cunning in a brain of a lad of sixteen years, and delight at being able to exhibit, in the "morgue window" of his paper, the left foot of the Rue Oberskampf.
But he had never connected these scientific deductions as to the origin of man as an animal, as to reflex action, biology, and sociology, with those questions as to the meaning of life and death to himself, which had of late been more and more often in his mind.
Not with the organs of sight; but with much more infallible instruments of vision: the conclusions of reason, and the deductions of scientific premises.
The little that was left in the world, when all these deductions were made, it was Mrs General's province to varnish.