deduction
de·duc·tion n
1: an amount allowed by tax laws to be subtracted from income in order to decrease the amount of income tax due see also internal revenue code in the important laws section compare credit, exclusion, exemption
busi·ness deduction: a deduction usu. taken from gross income that is allowed for losses or expenses attributable to business activities or to activities engaged in for profit
charitable deduction: a deduction allowed for a contribution to a charity usu. that is qualified under the tax law (as sections 170 and 2055 of the Internal Revenue Code)
de·pen·den·cy deduction: a deduction allowed to be taken in a set amount for a qualified dependent (as under sections 151 and 152 of the Internal Revenue Code)
itemized deduction: a deduction for a specifically recorded item that is allowed to be taken from adjusted gross income if the total of such deductions exceeds the standard deduction
marital deduction
1: a deduction allowed under the Internal Revenue Code to be taken from the gross estate that amounts to the value of any property interest which is included in the estate and which was given by a decedent to the surviving spouse provided that the interest is not terminable during the life of the survivor
2: a deduction allowed under the IRC of the value of any gift inter vivos subject to gift tax by one spouse to the other
per·son·al deduction: a deduction allowed to be taken for losses or expenses that are not necessarily attributable to a business activity or an activity engaged in for profit
personal exemption deduction: a deduction for an amount set by tax law that under section 151 of the Internal Revenue Code includes the dependency deduction
stan·dard deduction: a deduction of an amount set by tax law that is allowed to be taken from adjusted gross income unless the taxpayer elects to itemize deductions
2 in the civil law of Louisiana: an item of property or an amount that an heir has a right to take from the mass of the succession before any of it is partitioned (as for a debt owed by the deceased to the heir)

Merriam-Webster’s Dictionary of Law. . 1996.

deduction
I (conclusion) noun assumption, calculation, divination, hypothesis, illation, implication, logical process, logical sequence, opinion, postulate, postulation, ratiocination, rationalization, reasoned judgment, supposal, supposition, surmise, theory, thesis II (diminution) noun abatement, abridgment, attenuation, cut, decline, decrease, decrement, decrescence, deductio, deminutio, discount, dwindling, elimination, lessening, lowering, making less, minimization, reduction, removal, shortening, shrinkage, subduction, subtraction, withdrawal associated concepts: allowable deduction, business deductions, deduction directed by law, deduction from purchase price, deduction of cost, deduction of expense, deductions from account, deductions from salary, income tax deductions, marital deduction, special deduction III index computation, concept, conclusion (determination), consequence (conclusion), construction, corollary, decrease, decrement, dialectic, diminution, discount, estimate (idea), estimation (calculation), holding (ruling of a court), hypothesis, inference, perception, presumption, ratiocination, rebate, removal

Burton's Legal Thesaurus. . 2006


deduction
In tax law, an amount that an individual or business can subtract from its gross income (total income) to determine its taxable income (the total income on which it owes tax). Examples of federal income tax deductions include mortgage interest, charitable contributions, and certain state taxes.
Category: Business, LLCs & Corporations → Business Accounting, Bookkeeping & Finances
Category: Business Cash Flow Problems & Bankruptcy
Category: Business, LLCs & Corporations → Business Tax & Deductions
Category: Personal Finance & Retirement → Money & Taxes for Retirees
Category: Personal Finance & Retirement → Taxes → Tax Audits

Nolo’s Plain-English Law Dictionary. . 2009.


deduction
n. A monetary amount that a taxpayer is permitted by law or regulation to subtract from income when determining income tax.
@ itemized deduction
An expense, such as state and local taxes paid, or annual interest on a mortgage, that is listed on a tax return as a deduction.
Includes charitable deductions.
+itemized deduction A deduction listed separately as a line item on an income tax return.
@ standard deduction
A dollar amount that a taxpayer is permitted by law to subtract from taxable income in lieu of listing itemized deductions.
=>> deduction.
@

Webster's New World Law Dictionary. . 2000.


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.

Dictionary from West's Encyclopedia of American Law. 2005.


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.

Short Dictionary of (mostly American) Legal Terms and Abbreviations.

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.

Law dictionary. . 2013.

Synonyms:

Look at other dictionaries:

  • déduction — [ dedyksjɔ̃ ] n. f. • 1355; lat. deductio I ♦ Action de soustraire une somme d une autre. ⇒ décompte, défalcation, retranchement, soustraction. Faire la déduction des sommes déjà payées. Déduction faite des arrhes versées. Somme qui entre, vient… …   Encyclopédie Universelle

  • Deduction — • An argument or reasoning process, that kind of mediate inference by which from truths already known we advance to a knowledge of other truths necessarily implied in the former; the mental product or result of that process. Also a method, the… …   Catholic encyclopedia

  • deduction — 1 Deduction, abatement, rebate, discount are comparable when they mean an amount subtracted from a gross sum. Deduction is interchangeable with any of the others but not without some loss in precision. An abatement is a deduction from a levied… …   New Dictionary of Synonyms

  • Deduction — Déduction Cette page d’homonymie répertorie les différents sujets et articles partageant un même nom …   Wikipédia en Français

  • Deduction — may refer to: in logic: Deductive reasoning, inference in which the conclusion is of no greater generality than the premises Natural deduction, an approach to proof theory that attempts to provide a formal model of logical reasoning as it… …   Wikipedia

  • Deduction — De*duc tion, n. [L. deductio: cf. F. d[ e]duction.] 1. Act or process of deducing or inferring. [1913 Webster] The deduction of one language from another. Johnson. [1913 Webster] This process, by which from two statements we deduce a third, is… …   The Collaborative International Dictionary of English

  • déduction — DÉDUCTION. s. f. Soustraction. On lui a payé tant en déduction du principal. La succession, déduction faite des frais, monte à telle somme. [b]f♛/b] Il signifie aussi, Narration, énumération en détail. Faire une longue déduction de ses raisons,… …   Dictionnaire de l'Académie Française 1798

  • deduction — Deduction. Soustraction. On luy a payé tant en deduction du principal. Il signifie aussi, Narration, enumeration en detail. Faire une longue deduction de ses raisons …   Dictionnaire de l'Académie française

  • deduction — deduction, deductive The use of logical rules to arrive at a set of premisses from which certain conclusions must follow. Deduction begins with theory , moves to hypotheses derived from the theory, and then tests hypotheses via prediction and… …   Dictionary of sociology

  • deduction — early 15c., action of deducting, from M.Fr. déduction or directly from L. deductionem (nom. deductio), noun of action from pp. stem of deducere (see DEDUCE (Cf. deduce)). Meaning that which is deducted is from 1540s. As a term in logic, from L.L …   Etymology dictionary

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