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 ?
alliantgroup is the only tax consultant out there using this kind of software to capture tax deductions based on energy efficiency," said alliantgroup Senior Managing Director Rizwan Virani .
If you live in a state that imposes an income tax, the income tax deduction may be the smart choice.
Please consult your tax professional about whether this Revenue Procedure makes it possible for you to make adjustments to prior year's tax deductions (2006 for example).
In the section on "Optimal Tax Deductions for Net Losses," we examine the optimal tax deduction under private insurance with a policy limit.
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.
Edward Neuschler, a senior analyst at the Institute for Health Policy Solutions, notes that tax deductions are intended to reduce a household's taxable income.
Donors, by following available guidance and making careful selection of charities for their donations, can provide charity support while benefiting themselves through tax deductions or disposing of unwanted vehicles.
Ishi said the panel is expected to propose expanding the basic exemption amount to about 500,000 yen from the current 380,000 yen after abolishing and consolidating tax deductions in an effort to simplify the deduction system.
A few weeks later, he announced that he was ending tax deduction for bribes and this became law two years later.
An insured's financial-management group typically is elated when the analysis demonstrates the benefits of enhanced cash flows resulting from accelerated tax deductions.
Any experienced tax accountant will (or certainly should) know about every tax deduction listed in this book.