Tax deduction


 

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Tax deduction

A 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 deduction

An expense that a taxpayer is allowed to deduct from taxable income.



Tax deduction

Similar Matches

Dividends received deduction

Dividends received deduction

A 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.


Certificate of deduction of tax

Certificate of deduction of tax

A 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.


Standard deduction

Standard deduction

The IRS-specified amount by which a taxpayer is entitled to reduce income an alternative to itemizing deductions.


Unlimited marital deduction

Unlimited marital deduction

An Internal Revenue Service provision that allows an individual to transfer an unlimited amount of assets to a spouse, during life or at death, without incurring federal estate or gift tax.


Itemized deduction

Itemized deduction

Specific deductions allowed by the IRS outlined in the tax return.


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