tax deduction
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tax deduction
lessening the income tax taken from individuals
Tax deduction
Tax deduction is a reduction of income that is able to be
taxed, and is commonly a result of expenses, particularly those incurred to produce additional income. The difference between deductions, exemptions and credit is that deductions and exemptions both reduce taxable income, while credits reduce tax.
tax deduction
Noun
1. a reduction in the gross amount on which a tax is calculated; reduces taxes by the percentage fixed for the taxpayer's income bracket
(synonym) tax write-off, deduction
(hypernym) write-off, write-down
(hyponym) tax benefit, tax break
Tax deduction
An expense which a taxpayer is allowed to deduct from taxable income.