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 VEBA is the only way to make these things tax deductible," Wallach says.
The reason for the ignorance is that the tax rules for general business entertaining are completely different, as such expenses are not tax deductible nor is the VAT recoverable.
Deferred tax assets: Recognized when temporary differences will result in tax deductible amounts in future years and for carryforwards.
I noticed it says that donations to that project are not tax deductible.
I would not be surprised to see a limitation on the amount of monthly premium that is tax deductible, which would affect almost all of the current insurance policies.
For retiree health benefits, employer payments are all tax deductible - unless they come from excess pension assets, which were already deducted as contributions to the pension trust.
Tax deductible long-term care insurance is one of the last great tax deductible benefits for owners and their key employees," Slome adds.
The Australian Government will provide tax deductible status to relief funds established to help Australians affected by the Tasmanian bushfires.
However, there is an option: Instead of a limited contribution with a penalty (if withdrawn before 59-1/2) and a mandatory distribution at age 70-1/2 with full (possibly spiked) taxation, consider the benefits of an NCF Tax Deductible Annuity[TM] Tax Deductible Annuities[TM] can be flexible and deferred to perfectly suit the individual that seeks additional tax relief now but desires the income later to supplement their retirement.
However, assuming the education meets the requirement of maintaining or improving skills required in their profession and the taxpayer meets certain tests, such expenses may in fact be tax deductible.
The interest you pay is tax deductible in most cases," says Greg McBride, a financial analyst at Bankrate.