Tax deduction dictionary

Tax deduction dictionary Deduction definition: A deduction is a conclusion that you have reached about something because of other things | Meaning, pronunciation, translations and examplestax deduction definition: An expense deducted against taxable income that reduces tax liability. You can claim a tax deduction for contributions you make. It reduces net income for federal and state taxes. deduction, tax write-off. How to use tax-deductible in a sentence. Deductions are typically expenses that the taxpayer incurs during the year that can be applied against or subtracted from his gross …income tax deduction noun [ C or U ] uk ​ us ​. What is tax deduction? Meaning of tax deduction as a legal term. n. Learn more. Tax deductible synonyms, Tax deductible pronunciation, Tax deductible translation, English dictionary definition of Tax deductible. 1. la - Online dictionaries, vocabulary, conjugation, grammar Toggle navigationFinally, Democrats say they'll seek a tuition tax credit worth up to $3,000 to replace a mish-mash of existing tax deductions. home office tax deduction. Tax deductions allow the government to encourage certain behAngel investors will be eligible to receive a 50 percent tax deduction for investments worth up to 50 million won and then will be eligible to receive a 30 percent deduction on any additional investments above 50 …A contribution to a charity can be used as a deduction to reduce income for Income Tax purposes if the taxpayer meets the requirements imposed by law. If an amount of money that you spend is tax-deductible, it can be taken away from the total…. Deducting expenses from income reduces taxable income, and thus decreases the amount of tax owed. a tax deduction that is granted in order to encourage a particular type of commercial activity. Authorizing insurers to establish tax-deductible reserves for potential catastrophic events has been advanced as a means to enhance industry capacity, but according to some industry analysts such reserves would lower federal tax receipts and not necessarily bring about a meaningful increase in capacity because insurers may substitute the reserves for other types of capacity. The act of deducting; subtraction. Thus, the mortgage interest deduction of $10,000 saves him $2,800 in taxes. a conclusion reached by this …Definition of AFTER-TAX DEDUCTION: Taking a paycheck from an employee to cover nondeductable expenses. The earnings generated within the account are tax free. The ability to deduct a portion of the cost and upkeep of a home because of the use of some space for business purposes. This form allows you to make a tax-deductible donation of either cash or shares of stock received through the …A tax-exempt account that you set up with a trustee, such as a bank or insurance company, to pay or reimburse certain medical expenses you incur. tax benefit, tax break - a tax deduction that is granted in order to encourage a particular type of commercial activity. Tax Deductions prove to be a legal method for reducing income which the taxing authorities consider to be taxable. An amount that is or may be deducted: tax deductions. tax deduction definition: An expense deducted against taxable income that reduces tax liability. The contributions remain in your account from year to year until you use them. They maintain that the credit will be worth more, equivalent to a $12,000 tax deduction for most middle-class families. › the process of taking away an amount or a part of something from a total, or the amount that is taken: The interest you receive will be paid after deduction of tax. The tax …deduction - a reduction in the gross amount on which a tax is calculated; reduces taxes by the percentage fixed for the taxpayer's income bracket. With contributions being tax-deductible, the policyholder may qualify for a lower income-tax liability. tax deduction, tax write-off. Loading the player A tax deduction is a deduction that lowers a person’s tax liability by lowering his taxable income. Definition of tax deduction in the Legal Dictionary - by Free online English dictionary and encyclopedia. la arrow_drop_down bab. detract; abate (usually followed by from): The rocky soil deducts from the value of his property. 2. Translation for 'tax deduction' in the free English-French dictionary and many other French translations. Currently, businesses get a tax deduction of as much as $35,000 for architectural changes designed to aid …Tax Deduction. bab. A tax deduction is an expense that may be deducted for tax purposes. At the same time, assessments are not tax deductible, adding to the after-tax cost for individual homeowners. Tax deductions have financial value. Generally, • You must use some portion of the home regularly and exclusively as your principal place of business, or a place where you meet with clients, orThe term 'Tax Deductions' is included in the Laws & Regulations edition of the Herold Financial Dictionary, which you can get from Amazon in Ebook or Paperback edition. deduction a process of reasoning in which a conclusion follows necessarily from the premises presented, so that the conclusion cannot be false if the premises are true. . › TAX an amount of money, such as the cost of something that you need to do your work, that the tax authorities allow you to subtract from your income before you calculate your tax payments: Journalists' unions want a 30% …tax-deductible definition: 1. deduction. tax deduction definition: an amount or cost that can be subtracted from someone's income before calculating how much tax they…. In formal logic in the narrower sense of the term, it is entirely true—for both the system of logical rules itself and for any application of them in any area—that everything contained in any “analytic truth” (or “logical truth”) obtained by deduction is already …Deduction. The Law Dictionary Featuring Black's Law Dictionary Free Online Legal Dictionary 2nd Ed. Tax-deductible definition: If an expense is tax-deductible , it can be paid out of the part of your income on which | Meaning, pronunciation, translations and examplestax deduction - a reduction in the gross amount on which a tax is calculated; reduces taxes by the percentage fixed for the taxpayer's income bracket. In our example, without the mortgage interest deduction, John would have paid income tax on that additional $10,000 of income. an expenditure which an income tax payer may subtract from gross (total) income to determine taxable income. If they become tax-deductible, more people would be getting them. "deduction" in Business English. Tax deductions allow the government to encourage certain behTax-deductible definition is - allowed to be subtracted from the total amount of a person's income before calculating the tax he or she is required to pay : allowable as a deduction from taxes. Deduction. What does tax deduction mean in law? Tax deduction legal definition of tax deduction. n a reduction in the gross amount on which a tax is calculated; reduces taxes by the percentage fixed for the taxpayer's income bracket. If he's in the 28% tax bracket, that could amount to $2,800. to take away, as from a sum or amount: Once you deduct your expenses, there is nothing left Tax deduction dictionary