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 ?
Allowing the prepayment of property taxes would lessen the damage of the new cap on state and local tax deductions, said Schumer.
Meanwhile, the White House is looking to keep tax deductions relating to mortgage interests.
Still another option is to use the IRS Sales Tax Deduction Calculator, at https://apps.
If your yearly health insurance premium is less than these limits, expenses up to ` 5,000 on preventive health checkups can also be used to claim a tax deduction ( total deduction remains the same).
To claim a tax deduction, you need to give a certificate (in a prescribed format) of treatment from doctors of government hospitals.
Angel investors will be eligible to receive a 50 percent tax deduction for investments worth up to 50 million won and then will be eligible to receive a 30 percent deduction on any additional investments above 50 million won.
PRINCETON, NJ -- Americans make it clear they want to keep common federal income tax deductions, regardless of whether the proposed elimination of those deductions is framed as part of a plan to lower the overall income tax rate or as a way to reduce the federal budget deficit.
You likely have a record of large donations made to your church or favorite charity, but smaller gifts, including food and clothing, can also count as tax deductions.
Originally, the MOF refused to accept the inclusion of these conditions in the offset coverage on grounds that it is hard to define whether the mentioned software and technologies are needed for R&D projects and inclusion of foreign enterprises for tax deduction.
He shows that a tax deduction for net losses plays a similar role to a social insurance and reduces an individual's demand for private insurance.
Third, the law provides that tax deductions that would otherwise accrue to federal, state, and local government buildings shall go to "the person primarily responsible for designing the property.
The tax deduction relates to an unutilised deficit during the income years 2002-2005.