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 ?
Many New Yorkers prepaid their 2018 state and local property taxes with the belief that they could retain the ability to deduct these property taxes from their federal taxes before the new cap imposed on state and local tax deductions.
The mortgage interest deduction and the state and local tax deduction make homeownership more affordable, while 1031 like-kind exchanges help investors keep inventory on the market and money flowing to local communities," Brown said.
Tax deductions for employing the elderly and the physically disabled will also be increased from 10 million won per employee to 15 million won.
Roughly 7 in 10 oppose eliminating the charity deduction, compared with about 6 in 10 who oppose getting rid of the mortgage interest and state and local tax deductions.
If you live in a state that imposes an income tax, the income tax deduction may be the smart choice.
In the section on "Optimal Tax Deductions for Net Losses," we examine the optimal tax deduction under private insurance with a policy limit.
If there are regular tax deductions that will be added back for AMT purposes and that a taxpayer has flexibility in paying (for example, state and local taxes), delay paying these taxes until next year to avoid a current-year AMT liability.
And the president punted on the part of his "compassionate conservative" agenda that would have done the most to increase private giving: a federal tax deduction for non-itemizers (i.
Line 31 of Part IV requires taxpayers to determine the book expense and tax deduction for columns (A) and (D) relating to accrued liabilities.
Nursing Homes/Long Term Care Management asked several nationally recognized experts on healthcare financing to comment on the differences between a long-term care policy based on tax deductions, such as the Bush administration proposal, and one based on tax credits.
Therefore, to make informed decisions about donating their vehicles, taxpayers should be aware of how vehicle donation programs operate, the role of fund- raisers and charities in the vehicle donation process, and IRS rules and regulations regarding allowable tax deductions.
The government's tax panel will propose consolidating and abolishing a variety of tax deductions as measures for comprehensive tax reforms, the panel head said Thursday.