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Interest deduction |
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Interest deductionAn interest expense, such as interest on a margin account, that is allowed as a deduction for tax purposes.Interest deduction Similar MatchesCertificate 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. Marital deductionMarital deductionA tax deduction that allow spouses to transfer unlimited amounts of property to one another. Standard deductionStandard deductionThe IRS-specified amount by which a taxpayer is entitled to reduce income an alternative to itemizing deductions. Tax deductionTax deductionAn expense that a taxpayer is allowed to deduct from taxable income. DeductionDeductionIn 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. Further SuggestionsTax deductionDividends received deduction Unlimited marital deduction Mortgage interest deduction Deduction Itemized deduction mortgage interest deduction |
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