Definitions for tax deduction
tax de·duc·tion

Princeton's WordNetRate this definition:0.0 / 0 votes

1. tax write-off, tax deduction, deductionnoun

   a reduction in the gross amount on which a tax is calculated; reduces taxes by the percentage fixed for the taxpayer's income bracket

WikipediaRate this definition:0.0 / 0 votes

1. 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. Tax deductions are a form of tax incentives, along with exemptions and tax credits. The difference between deductions, exemptions, and credits is that deductions and exemptions both reduce taxable income, while credits reduce tax.

ChatGPTRate this definition:0.0 / 0 votes

1. tax deduction

   A tax deduction is a reduction in the amount of income that is subject to taxation, allowed by the government for certain expenses incurred by a taxpayer. This decreases their taxable income and thus, their tax liability. Deductions can be claimed for various expenses such as charitable donations, medical expenses, property taxes, student loan interest etc. depending on the specific tax laws of a country.

WikidataRate this definition:0.0 / 0 votes

1. Tax deduction

   Tax deduction is a reduction of the income subject to tax, for various items, especially expenses incurred to produce income. Often these deductions are subject to limitations or conditions. Tax deductions generally are allowed only for expenses incurred that produce current benefits, and capitalization of items producing future benefit is required, sometimes with exceptions. Most systems allow recovery in some manner over a period of time of capitalized business and investment items, such as through allowances for depreciation, obsolescence, or decline in value. Many systems reduce taxable income for personal allowances or provide a range of income subject to zero tax. In addition, some systems allow deductions from the tax base for items the tax levying government desires to encourage. Some systems distinguish among types of deductions.

Matched Categories

1. • Write-off

How to pronounce tax deduction?

1. Alex

   US English

   David

   US English

   Mark

   US English

   Daniel

   British

   Libby

   British

   Mia

   British

   Karen

   Australian

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   British

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   South African

How to say tax deduction in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of tax deduction in Chaldean Numerology is: 4

2. Pythagorean Numerology

   The numerical value of tax deduction in Pythagorean Numerology is: 5

Examples of tax deduction in a Sentence

1. Supreme Court justicesWhat Rehnquist:

   I will certainly consider donating to the Smithsonian the robe I wore during the The Senate impeachment trial, if you want it now, please let me know how I can either get a tax deduction or a new robe at someone else's expense.

2. Republican McConnell:

   Whether it's a payroll tax deduction, whether it's making sure that unemployment benefits continue without a disincentive to return to work.

3. Chris Jackson:

   If you have mutual funds in a taxable account, it is important to check the estimated mutual fund distributions that the fund families release ahead of time, by tax-loss harvesting this fund, not only do you avoid the capital gains distribution, you also capture a tax deduction. The combination could be a substantial savings.

References

1. ^ Princeton's WordNet
   http://wordnetweb.princeton.edu/perl/webwn?s=tax deduction
2. ^ Wikipedia
   https://en.wikipedia.org/wiki/Tax_Deduction
3. ^ ChatGPT
   https://chat.openai.com
4. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=tax deduction