An expense subtracted from adjusted gross income when calculating taxable income,...
the amount that may be subtracted from income when calculating income tax, or (in the U.S.) from the adjusted gross estate when calculating estate tax or from the amount of the gift when calculating the gift tax.
Reduces an individual's or organization's tax liability (financial obligation, debt, claim or potential loss) only in proportion the appropriate tax bracket.
A provision of the tax code that specifies an amount by which a taxpayer's tax base will be reduced in return for some behavior, resulting in a lowering of the amount of tax paid that depends on their tax rate.
Amount that can be deducted from taxable income, if spent on a specific purpose.
Expenses that reduce taxable income for individuals or businesses.
An expense that a taxpayer is allowed to deduct from taxable income.
A personal expense, business expense, or any amount that reduces the taxable income.
a reduction in the gross amount on which a tax is calculated; reduces taxes by the percentage fixed for the taxpayer's income bracket
an adjustment to income
a reduction in taxable income made prior to the calculation of tax liability
a reduction of the income on which taxes are paid
Tax deduction is an expense that the government allows you to subtract from your gross income before computing income tax. If the sum of the interest on the mortgage, property tax and sometimes points exceeds the standard deductions available to you, then you may itemize the above items in your tax filings.
an expense that can be offset against assessable income
An amount (often a personal or business expense) that reduces income subject to tax.
See interest rate deduction
An amount that is subtracted from the taxpayer's adjusted gross income to reduce the amount on which the tax is then calculated.
is an amount that reduces a personâ€™s taxable income and so reduces the tax to be paid. It favours high income earners because they pay a higher rate of tax on their earnings than low income earners.
A subtraction from income (rather than taxes) that lowers the amount upon which taxes must be paid.
A part of a person's or business's expenses that reduces income subject to tax.
Tax deferral option Tax deferred income
A tax break given by the government. Mortgage interest, loan points and property taxes can be deducted.
As compared to a tax credit, a tax deduction reduces tax by reducing the taxable income basis upon which tax is calculated.
An amount that is deducted from your assessable income before tax is calculated. You can claim deductions in your annual tax return or, if your total deduction is significant, you can apply to the Tax Office for a variation of PAYG tax (section 221D) of the Income Tax Assessment Act.
an amount you can subtract from your income when calculating the amount of income you have to pay tax on (your taxable income)
One that can be used to reduce taxable income.
A reduction of total income before the amount of income tax payable is calculated.
An allowable (by government) expense that can be subtracted from income before calculating income tax.
An expenditure that can be deducted from one's taxable income. The interest paid on a mortgages is often considered tax deductible, depending on one's state or residence and state government legislation.
An expense the Internal Revenue Service allows a taxpayer as a reduction against adjusted gross income (AGI). A deduction reduces taxes only by the percent of a taxpayer’s tax bracket. Examples of allowable deductions include charitable contributions, state and local taxes, and some interest expense.
An outgoing or expense that can be used to reduce assessable income. Generally, in order to be claimed as a tax deduction, an expense must have been incurred in the course of producing assessable income, or be specifically allowed as a deduction in the Tax Act.
A tax deduction allowed by the government and used to reduce taxable income. The government allows certain deductions to be subtracted such as mortgage interest.
Tax break that is allowed by the government and used to reduce taxable income. Items such as mortgage interest, loan points that are paid and property taxes.
An expense that governments allow you to subtract from your income before computing your income tax. People who don't take the standard deduction on federal income taxes can deduct the costs of mortgage interest and some loan points and property taxes.
A tax deduction or a tax-deductible expense represents an expense incurred by a taxpayer that is subtracted from gross income and results in a lower overall taxable income.