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 ?
The House should approve SB 40, and give Oregonians greater confidence that any tax-deductible contribution will make the state and the world a better place.
The bureau also concluded that Kobe Steel concealed part of its income by reporting the money it paid to precision machinery export dealers as commission fees and that paid to a subsidiary as business contracting fees even though both payments cannot be treated as tax-deductible expenses, according to the sources.
If they become tax-deductible, more people would be getting them.
This form allows you to make a tax-deductible donation of either cash or shares of stock received through the AICPA Insurance Trust distribution.
A number of individuals and organizations recently displayed their belief and commitment to the accounting profession by making a tax-deductible contribution to the ongoing $100,000 NSA Educational Tree Campaign.
As well as serving as a useful conservation tool, an easement can both qualify as a tax-deductible gift and significantly reduce property and estate taxes.
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).
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.