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.

References in periodicals archive ?

The tax deductibility of principal payments also is advantageous to banks or other lenders since there is more incentive to repay the loan if payments are tax deductible. The majority stockholder disposes of his or her stock and diversifies without having to pay capital gains taxes.

Using ESOPs to solve succession problems

The law states business entertainment costs are not tax deductible - but there is no precise definition of what business entertainment might constitute.

When's a gift tax deductable? Asktheexperts

"The VEBA is the only way to make these things tax deductible," Wallach says.

Mostly free lunch

Military Retiree Allotment Program is a great way to make your tax deductible contribution to the DAV and help build better lives for America's disabled veterans and their families.

DAV contributions made easy with retiree allotment program

Employer contributions are tax deductible, employee benefits are tax deferred, and life insurance may be purchased with pretax dollars.

Groups tout benefits of 412(i) plans

Uncertainty over which portion of the settlement payments would be tax deductible prompted legislation to expand the Sec.

The global settlement and tax deductibility of fines and penalties

H.R.1336 would make home mortgage insurance premiums tax deductible for those individuals making less than $50,000 and couples making less than $100,000 annually.

Bi-partisan legislation would make mortgage insurance tax deductible. (Federal Watch)

Tax Deductible: Sierra Club Outings are not tax deductible.

Travel with a purpose: a look at nonprofit tour operations

Staff party costs are fully tax deductible as an expense of the business and non-taxable on the employee.

BUSINESS LIFE: Party on, say money experts; Tax-efficient way to mark Christmas

When acquired goodwill and intangibles are tax deductible, the difference in income for accounting purposes and tax purposes, or the book/tax difference, is recognized as a tax liability or asset.

The tax implications of FAS 141 & 142

Not only will your tax deductible donation to our nonprofit charitable association (designated 501(c)3 by the Internal Revenue Service) get you a number into this year's closed-out race, you will also receive a Life Membership in the Association, an American Running Association cap and t-shirt, a personal thank you from Bill Rodgers, Jeff Galloway, or another of our celebrity running Board Members, and big karma credits for supporting our ongoing efforts to help more people benefit from a running lifestyle.