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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 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. Mortgage interest deductionMortgage interest deductionIn the US, an allowable federal tax deduction for the annual interest paid on a mortgage. Standard deductionStandard deductionThe IRS-specified amount by which a taxpayer is entitled to reduce income an alternative to itemizing deductions. Itemized deductionItemized deductionSpecific deductions allowed by the IRS outlined in the tax return. Tax deductionTax deductionAn expense that a taxpayer is allowed to deduct from taxable income. Further SuggestionsUnlimited marital deductionInterest deduction Dividends received deduction Mortgage interest deduction certificate of deduction of tax Marital deduction |
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