Tax deductions financial definition of Tax deductions. Tax deductions finance term by the Free Online Dictionary.

Deduction

An expense that is allowable as a reduction of gross taxable income by the IRS e.g., charity donations.

Deduction

An amount of money that one may subtract from one's gross annual income when calculating one's income tax liability. A common misconception about tax deductions is that they represent a dollar-for-dollar reduction of one's tax liability. Rather, a deduction removes a certain dollar amount from the income the IRS uses to calculate the percentage of one's income that is owed in taxes. Common deductions are charitable contributions, business expenses, and interest on mortgages. See also: Tax credit.

deduction

An expenditure that may legally be used to reduce an individual's income-tax liability. Potential deductions of particular interest to investors are expenditures for subscriptions to financial publications, a lock box for storing securities, and computer software for investment-related activities. These deductions, combined with employee business expenses and miscellaneous deductions, may be subtracted from a person's taxable income only to the extent their total exceeds 2% of that person's adjusted gross income. Interest paid on loans used to finance investments is deductible only against investment income. Also called itemized deduction, tax deduction. See also charitable contribution deduction.

Deduction. A deduction is an amount you can subtract from your gross income or adjusted gross income to lower your taxable income when you file your income tax return.

Certain deductions, such as money contributed to a traditional IRA or interest payments on a college loan, are available only to taxpayers who qualify for these deductions based on specific expenditures or income limits, or both.

Other deductions are more widely available. For example, you can take a standard deduction, an amount that's fixed each year. And if your expenses for certain things, such as home mortgage interest, real estate taxes, and state and local income taxes, total more than the standard deduction, it may pay for you to itemize deductions instead.

However, if your adjusted gross income is above the limit Congress sets for the year, you may lose some of or all these deductions.

Deduction

An amount that may be subtracted from income that is otherwise taxable.

Mentioned in	?		References in periodicals archive	?		Financial browser	?		Full browser	?
Adjusted Gross Income Adjustment to Income Adjustments to Income AMT Charitable Contribution Deduction Dividends-Received Deduction Form 1120-F (Schedule H) Interest Deduction Itemized Deduction Itemized Deductions marital deduction Modified Adjusted Gross Income Mortgage Interest Deduction Publication 530 Registered Retirement Savings Plan Deduction Revenue Enhancement Standard Deduction Student Loan Interest Deduction tax deduction	The concept of income tax reads that a real income will be taxable base, while the paragraph 2 of the article 163 of the Tax Code determines the taxable base as income resulting from overall annual income during a certain tax period less tax deductions," the organizers say. International Business Council to hold roundtable on income tax in ... by AKIpress News Agency Make sure you read and learn about the variety of income tax deductions and credits that can help reduce your tax liability. Tax Deductions - Credits and Business Ownership by Ron Finkelstein / Banking, finance and accounting community But what is not generally known is that through the advantages of legal tax deductions most companies do not pay anywhere near that amount of tax assessment on their general revenues. Deduct It! by Internet Bookwatch	Tax Anticipation Bills Tax Anticipation Note Tax Anticipation Notes Tax Arbitrage Tax Assessment Tax Audit tax avoidance tax base Tax Basis tax benefit rule Tax Books tax bounty hunter tax bracket Tax Break tax certificate Tax clawback agreement Tax Clientele Tax Counseling for the Elderly tax court Tax Court of Canada tax credit Tax Credit for the Elderly or Disabled Tax Deductibility Tax Deductible Interest tax deduction Tax deductions tax deed Tax Deferral Tax Deferral Option Tax Deferred Tax Deposit Tax Deposit Certificate tax depreciation Tax Differential View Tax Differential View of Dividend Policy Tax Equity And Fiscal Responsibility Act of 1982 Tax Equity and Fiscal Responsibility Act of 1983 tax evasion Tax Exempt tax exemption Tax Exile Tax Expenditure tax ferret tax foreclosure Tax Free Acquisition Tax Haven Tax Haven Affiliate Tax Holiday tax home Tax Identification Number tax indexing	Tax Credit Allocation Committee Tax Credit Amount Tax Credit Assistance Program Tax Credit Award Notice Tax Credit Compliance System Tax Credit for the Elderly or Disabled Tax Credit Investment Advisory Services Tax Credit Office Tax Credit Return Summary Tax credits Tax credits Tax cut Tax cuts Tax Data Perfection System Tax Data Record Tax Deducted at Source Tax Deductibility Tax deductible Tax deductible Tax deductible Tax deductible Tax deductible Tax Deductible Interest Tax Deductible Mortgage Plan tax deduction tax deduction tax deduction tax deduction tax deduction Tax Deduction Scheme for Interest Tax deductions Tax Deed Tax Deed Tax Deed Tax Deeds Tax Deeds Tax deferral Tax deferral option Tax Deferral Options Tax Deferrals Tax deferred Tax Deferred Account Tax Deferred Accounts Tax Deferred Annuities Tax Deferred Annuity Tax Deferred Annuity Tax Deferred Contribution Tax Deferred Contributions Tax Deferred Equity Participation Plan Tax Deferred Income Tax Deferred Incomes Tax Deferred Retirement Account Tax Deferred Retirement Plan Tax Deferred Retirement Plan Tax Deferred Retirement Plans Tax Deferred Savings Plan Tax Delinquent Account Tax Department Tax Deposit Tax Deposit Certificate

Mentioned in

References in periodicals archive

Financial browser

Full browser

Adjusted Gross Income
Adjustment to Income
Adjustments to Income
AMT
Charitable Contribution Deduction
Dividends-Received Deduction
Form 1120-F (Schedule H)
Interest Deduction
Itemized Deduction
Itemized Deductions
marital deduction
Modified Adjusted Gross Income
Mortgage Interest Deduction
Publication 530
Registered Retirement Savings Plan Deduction
Revenue Enhancement
Standard Deduction
Student Loan Interest Deduction
tax deduction

The concept of income tax reads that a real income will be taxable base, while the paragraph 2 of the article 163 of the Tax Code determines the taxable base as income resulting from overall annual income during a certain tax period less tax deductions," the organizers say.

International Business Council to hold roundtable on income tax in ... by AKIpress News Agency

Make sure you read and learn about the variety of income tax deductions and credits that can help reduce your tax liability.

Tax Deductions - Credits and Business Ownership by Ron Finkelstein / Banking, finance and accounting community

But what is not generally known is that through the advantages of legal tax deductions most companies do not pay anywhere near that amount of tax assessment on their general revenues.

Deduct It! by Internet Bookwatch

Tax Anticipation Bills

Tax Anticipation Note

Tax Anticipation Notes