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Deduction |
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DeductionAn expense that is allowable as a reduction of gross taxable income by the IRS e.g., charity donations.DeductionIn the US, an expense allowed by the Internal Revenue Service which is deducted from adjusted gross income to establish taxable income. These include interest payments and state and local taxes. The equivalent term in the UK is 'tax allowance', and the main one is the 'personal allowance' of tax-free income which every individual is entitled to.Similar MatchesTax deductionTax deductionAn expense that a taxpayer is allowed to deduct from taxable income. Interest deductionInterest deductionAn interest expense, such as interest on a margin account, that is allowed as a deduction for tax purposes. Mortgage interest deductionMortgage interest deductionA federal tax deduction for interest paid on a mortgage used to acquire, construct, or improve a residence. Marital deductionMarital deductionA tax deduction that allow spouses to transfer unlimited amounts of property to one another. Dividends received deductionDividends received deductionA corporate tax deduction on income allowed by company A that is in ownership of shares of company B and receives dividends on the shares of company B. Further SuggestionsStandard deductioncertificate of deduction of tax Unlimited marital deduction Itemized deduction mortgage interest deduction Tax deduction |
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