deduction


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Related to deduction: tax deduction

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
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References in periodicals archive ?
Included in it was new IRC section 62(a)(20) which provides an above-the-line deduction for legal fees and court costs incurred in connection with discrimination awards.
New rules, new ruling: the tax treatment of litigation proceeds and legal fees
Old Law: No special deduction limitations applied for contributions of clothing and household items.
Charitable donations: new Pension law affects charitable donors and donees
Under the notional interest deduction, a new and innovative measure in international tax law, all companies subject to Belgian corporate tax will be able to deduct from their taxable income an amount equal to the interest they would have paid on their capital in the case of long-term debt financing.
Belgium offers a sweet tax deal for U.S. investors: eager to position itself as the "gateway to Europe" for U.S. and other global businesses, Belgium has instituted sweeping economic reforms in efforts to challenge such rivals as Ireland and Switzerland as countries of choice for corporate relocations
If a building does not meet the 50% energy savings target, nonetheless a partial deduction of up to $0.
New Energy Bill offers tax breaks for real estate
The insurance group also recommends that property owners consult with a tax-preparation expert before taking the deduction.
DON'T GET SOAKED ON TAX DEDUCTIONS
The legislative history of section 199 directs the Department of the Treasury to prescribe rules for the proper allocation of items of income, deduction, expense, and loss.
Some assembly required: treasury provides first round of guidance on the domestic manufacturers' deduction
The Section 179 deduction allows a small business to deduct up front the cost of new equipment bought, delivered, and put into service (but not necessarily paid for) before Dec.
Avoiding year-end tax traps: making the right moves before December 31 can shave thousands off your bill to Uncle Sam
Given that over 280 organizations responded to this year's survey, we know that companies continue to struggle with customer deductions and are looking not only for information against which to benchmark deduction data, but ways to improve their deduction management process as well.
2003 study on customer deductions: impact on receivables
Their legislation includes both a tax deduction for long-term care insurance premiums and a tax credit of $1,000 in 2004 for people who require at least six months of long-term care during the year.
Will tax incentives work for LTC insurance?
Those changes would make employers, not employees, have to determine the amount of the deduction, and to set caps on the amount claimed.
New federal tax rules released on clergy housing
Kamoroff has now turned his small-business charm to work on the 2nd edition of 422 Tax Deductions for Businesses & Self-Employed Individuals--fully up-to-date for 1999 and the Year 2000 tax season.
New edition released: 422 Tax Deductions for Businesses & Self-Employed Individuals
The homeowner deduction is a government subsidy that goes primarily to the affluent.
Deductio ad absurdum. Want a government subsidy of $225,000 a year? Buy a mansion

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