|
|
Tax deduction |
|
|
|
 Home Site Map Add Term Search About Us Contributors |
Tax 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.Tax deductionAn expense that a taxpayer is allowed to deduct from taxable income.Tax deduction Similar MatchesMarital deductionMarital deductionA tax deduction that allow spouses to transfer unlimited amounts of property to one another. 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. 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. 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 SuggestionsUnlimited marital deductionmortgage interest deduction Deduction Interest deduction certificate of deduction of tax Mortgage interest deduction |
|
|
|