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Tax deduction |
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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 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. 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. Standard deductionStandard deductionThe IRS-specified amount by which a taxpayer is entitled to reduce income an alternative to itemizing deductions. Unlimited marital deductionUnlimited marital deductionAn 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 deductionItemized deductionSpecific deductions allowed by the IRS outlined in the tax return. Further SuggestionsInterest deductionDeduction Mortgage interest deduction Marital deduction mortgage interest deduction deduction |
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