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Deductible |
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Deductible 1. The amount you have to pay out-of-pocket for expenses before the insurance company will cover the remaining costs. 2. An amount subtracted from an individual's adjusted gross income to reduce the amount of taxable income. Also known as "tax deductible". Notes: 1. For example, if you get into an accident and your medical expenses are $2,000 and your deductible is $300, then you would have to pay the $300 out-of-pocket first before the insurance company paid the remaining $1700. However, if your accident only resulted in $300 in medical expenses, then you would pay the $300 deductible and the insurance company would pay nothing.2. There are many types of expenses you can use to reduce the amount of your taxable income such as health-care expenses, interest expenses (i.e. mortgages, car loans), legal fees and investment-related expenses. However, for those with brokerage accounts, fees such as commissions paid for trades are not deductible. Deductible An amount or period which must be deducted before an insurance payout or settlement is calculated. |
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? Mentioned in | ? References in periodicals archive | |
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Consumer loans were likely also depressed last year because many households refinanced them with loans backed by real estate, which typically have lower interest rates and for which interest payments are generally tax deductable. Warranty on all 1987 Gleaner combines is for two full years, regardless of hours, with a deductable per claim occurrence in the second year. The Ministry of Finance confirmed that Turkcell's payments made to Turk Telekom and the Treasury, based on settlement agreements, will be tax deductable from our tax base whenever they are paid. |
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