deduction

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Related to deductions: Tax deductions, Payroll deductions, Standard Deductions

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 ?
The reasoning was close and intense, but the deductions appeared to me to be far-fetched and exaggerated.
Like all other arts, the Science of Deduction and Analysis is one which can only be acquired by long and patient study nor is life long enough to allow any mortal to attain the highest possible perfection in it.
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.
My deduction is," replied Villefort, "that my father, led away by his passions, has committed some fault unknown to human justice, but marked by the justice of God.
My light burned till two and three in the morning, which led a good neighbour woman into a bit of sentimental Sherlock-Holmes deduction.
He has the power of observation and that of deduction.
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.
deduction, deduction resting, moreover, on very insufficient and long-antiquated bases of observation, and to substitute for it as the method of the future, unlimited fresh observation and experiment and inductive reasoning.
Therefore I say that in the perfectly unjust man we must assume the most perfect injustice; there is to be no deduction, but we must allow him, while doing the most unjust acts, to have acquired the greatest reputation for justice.
All manner of incidents combined in favour of the occasion: not only had Mr and Mrs Garland forewarned him that they intended to make no deduction for his outfit from the great amount, but to pay it him unbroken in all its gigantic grandeur; not only had the unknown gentleman increased the stock by the sum of five shillings, which was a perfect god-send and in itself a fortune; not only had these things come to pass which nobody could have calculated upon, or in their wildest dreams have hoped; but it was Barbara's quarter too--Barbara's quarter, that very day--and Barbara had a half-holiday as well as Kit, and Barbara's mother was going to make one of the party, and to take tea with Kit's mother, and cultivate her acquaintance.