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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 MatchesDividends 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. 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 deductionIn the US, an allowable federal tax deduction for the annual interest paid on a mortgage. Tax deductionTax deductionA provision of the tax code that specifies an amount by which a taxpayer's tax base will be reduced in return for some behavior, resulting in a lowering of the amount of tax paid that depends on their tax rate. Certificate of deduction of taxCertificate of deduction of taxA certificate, issued by a building society or bank (in accordance with Section 352 of the Income and Corporation Taxes Act 1988) to its customers with interest bearing accounts, in which gross interest, tax deducted and net interest are depicted. Further SuggestionsMarital deductionItemized deduction Mortgage interest deduction Tax deduction Unlimited marital deduction Standard deduction |
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