deduction(redirected from tax deduction)
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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.
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