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 ?
Tax-Deductible Contributions Received in 2016 Designated to IMA Stuart Cameron McLeod Society (SCMS) Scholarship
Since the donation of a conservation easement qualifies as a tax-deductible gift, the value of the donation is considered to be $300,000, or the difference between the original unrestricted fair market value and the new value of the land with the easement.
Plaintiffs have pointed to no other instance in which a church so brazenly claimed responsibility for a political advertisement in a national newspaper and solicited tax-deductible donations for that political advertisement.
Three-quarters of all money deposited into MSAs is tax-deductible, thus helping to equalize the tax treatment of wage compensation (such as cash or MSA deposits) and non-wage compensation (such as insurance premiums).
As Carl Pope, the Club's executive director, informed Gingrich by letter, "The Sierra Club is not a tax-deductible charity.
These sections impose strict limits on the amount of tax-deductible pre-funding permitted for contributions to a welfare benefit fund.
To Buy the Shares of a Departing Owner: A company can make tax-deductible cash contributions to the ESOP to buy out an owner's shares, or it can have the ESOP borrow money to buy the shares.
Besides changing filing status on an employer's 401(k) account, newly married taxpayers also should consider increased limits for tax-deductible IRA contributions.
Tax-Deductible Contributions Received in 2015 Designated to IMA Initiatives and Its Overall Annual Giving Campaign
Donate appreciated stocks, bonds or mutual funds--the total value of the stock upon transfer is tax-deductible, and there is no obligation to pay any capital gains taxes on the appreciation.
Tax-deductible limits for individuals start at $360 for individuals who are age 40 or less prior to the close of the 2013 tax year and increase to $4,550 for those who are more than age 70.