tax deduction
Taxable income subtraction
A tax deduction is an expense that reduces taxable income.
Deductions lower the amount of income subject to taxation rather than reducing the tax itself directly.
Common deductions include mortgage interest, charitable contributions, and business expenses: She itemized her deductions instead of taking the standard deduction.
Distinguished from tax credits, which reduce the actual tax owed dollar for dollar.
- write-offRecorded value reduction
- tax exemptionFreedom from governmental levies
- depreciationAsset value reduction over time
- medical expensesFees for treatment
- out of pocketPaid from personal funds
tax break · income tax · mortgage interest · above the line · itemize · charitable donations · tax relief · business expenses · tax code · tax return · credits · tax bracket · dependent · savings · filing · allowance · adjustment · IRS
- German taxationtax return, tax filing, tax office, tax assessment, tax liability
- taxationtax, income tax, sales tax, tax return, tax refund
- income taxtax return, tax brackets, tax rates, tax bracket, tax rate
- self-employmentself-employed, freelancing, self-employment, sole proprietorship, sole proprietor
- write-offsbad debt, charge-off, capital loss, losses, loss
- Canadian taxesT1, T4, GST, PST, CPP
tax deductiontaxable income
Earnings subject to taxation
tax liability · tax burden · tax penalty · additional tax · gross income
tax deductiontax penalty
Charge for tax noncompliance
tax increase · additional tax · fine · levy · tax hike
deduction, subtraction, taxes, taxation, subtracting, subtracted, deducting, deductions, taxable