tax break
IRS-approved savings
A tax break is a reduction in the amount of tax owed, typically through deductions, credits, or exemptions built into tax law.
Governments use tax breaks to encourage certain behaviors—homeownership, charitable giving, retirement saving—or to benefit specific industries or groups: The new legislation includes tax breaks for electric vehicle purchases.
Also called a tax benefit.
Conclusion from premises
- write-offRecorded value reduction
- loopholeExploitable gap in rules
- shelterProtected place or structure
- creditRecognition or payment deferral
allowance · offset · abatement · waiver · exclusion · carve-out · preferential treatment · dodge
Returned portion of payment
- refundMoney returned after purchase
- reductionMaking something smaller
- abatementDecrease in force
- alleviationReduction of intensity
easing · reprieve · mitigation · lightening · lessening · respite · concession · disaster relief
Bestow or award money
- government supportOfficial aid to citizens
- corporate welfareGovernment assistance to companies
- handoutFree distribution to recipients
- giveawayFree item or betraying clue
beneficiary · allocation · public funding · state aid · energy credit · film credit · housing credit
What prompts a reaction
- inducementMotivating factor or offer
- encouragementSupport spurring continued effort
- enticementSomething that attracts
- sweetenerAdditive reducing bitterness
carrot · motivation · lure · attraction · spur · catalyst · impetus · boon
Leaving the workforce permanently
- 401(k)Tax-advantaged retirement savings account
- IRATax-advantaged retirement fund
- RothIRA permitting tax-free withdrawals
- pensionRetiree's ongoing benefit
annuity · contribution limit · employer match · compound growth · nest egg · college savings · education savings · flexible spending
deduction
Conclusion from premises
- write-offRecorded value reduction
- loopholeExploitable gap in rules
- shelterProtected place or structure
credit · allowance · offset · abatement · waiver · exclusion · carve-out · preferential treatment · dodge · workaround
rebate
Returned portion of payment
alleviation · easing · reprieve · mitigation · lightening · lessening · respite · concession · disaster relief · rate cut
grant
Bestow or award money
- government supportOfficial aid to citizens
- corporate welfareGovernment assistance to companies
- handoutFree distribution to recipients
giveaway · beneficiary · allocation · public funding · state aid · energy credit · film credit · housing credit
stimulus
What prompts a reaction
- inducementMotivating factor or offer
- encouragementSupport spurring continued effort
- enticementSomething that attracts
sweetener · carrot · motivation · lure · attraction · spur · catalyst · impetus · boon · perk
retirement
Leaving the workforce permanently
- 401(k)Tax-advantaged retirement savings account
- IRATax-advantaged retirement fund
- RothIRA permitting tax-free withdrawals
pension · annuity · contribution limit · employer match · compound growth · nest egg · college savings · education savings · flexible spending · vesting
- economic policymonetary policy, fiscal discipline, fiscal stimulus, fiscal restraint, tariff
- financial reliefdebt relief, bailout, loan forgiveness, debt forgiveness, stimulus
- tax breaksexemption, exemptions, deduction, standard deduction, education credit
- benefitsadvantage, healthcare coverage, dental insurance, benefit, health screening
- fundingfunding, grant, loan, grants, venture capital
- taxationVAT, withholding, deductions, deduction, taxpayers
tax breaktax increase
Rise in taxation
tax hike · tax burden · tax penalty · surtax · additional tax
tax breaksin tax
Fee on harmful goods
luxury tax · vice tax · windfall tax · carbon tax · wealth tax
break, tax, taxation, taxable, untaxable, tax breaks, tax relief, tax exemption, tax deduction