tax deduction
An amount subtracted from a taxpayer’s taxable income.

The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. . 2008.

tax deduction
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 → Taxes → Tax Audits

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

tax deduction
n. A reduction in gross income in order to reduce one's income tax liability. It is worth a percentage of what a tax credit is worth.
See also tax credit.

Webster's New World Law Dictionary. . 2000.

Look at other dictionaries:

  • Tax deduction — This article is about the deduction of expenses for the purpose of calculating taxable income. For tax deducted at source, see Withholding tax. Taxation An aspect of fiscal policy …   Wikipedia

  • tax deduction — An expense that a taxpayer is allowed to deduct from taxable income. Bloomberg Financial Dictionary * * * tax deduction UK US noun [C] TAX ► an amount or cost that can be subtracted from someone s income before calculating how much tax they owe:… …   Financial and business terms

  • tax deduction — noun a reduction in the gross amount on which a tax is calculated; reduces taxes by the percentage fixed for the taxpayer s income bracket • Syn: ↑tax write off, ↑deduction • Hypernyms: ↑write off, ↑write down • Hyponyms: ↑tax benefit, ↑ …   Useful english dictionary

  • Tax Deduction — A deduction from gross income that arises due to various types of expenses incurred by a taxpayer. Tax deductions are removed from taxable income (adjusted gross income) and thus lower the overall tax expense liability. Different regions have… …   Investment dictionary

  • tax deduction — See deduction …   Ballentine's law dictionary

  • tax deduction — lessening the income tax taken from individuals …   English contemporary dictionary

  • tax deduction — /ˈtæks dədʌkʃən/ (say taks duhdukshuhn) noun an amount subtracted from an individual s or a company s total income to determine their taxable income, covering approved expenses incurred in the course of earning an income or running a business,… …   Australian English dictionary

  • tax deduction — an expenditure that is deducted from taxable income. * * * …   Universalium

  • Foreign Tax Deduction — One of the itemized deductions that may be taken for taxes paid to a foreign government, which typically are classified as a tax withholding. The foreign tax deduction is usually taken in lieu of the foreign tax credit, if the deduction is more… …   Investment dictionary

  • income tax deduction — ➔ deduction * * * income tax deduction UK US noun [C or U] ► TAX an amount of money, such as the cost of something that you need to do your work, that the tax authorities allow you to subtract from your income before you calculate your tax… …   Financial and business terms

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”