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tax deduction

an expenditure that is deducted from taxable income. Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2015.
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Examples from the web for tax deduction
  • If you get your dog from a rescue that has non-profit status, then you can use that as a tax deduction.
  • The present admin is cutting off exploration by removing the tax deduction or preventing access to land or sea leases.
  • The trophy hunters get a tax deduction if they donate the animal to a non-profit.
  • First, it should extend the tax deduction on health insurance premiums for payroll tax purposes.
  • There's another factor some have suggested: the mortgage interest tax deduction.
  • First, if you're a business that wants to outsource jobs, you shouldn't get a tax deduction for doing it.
  • No one has this sort of immediate and uncontrollable physical reaction to the prospect of a tax deduction a year or more hence.
  • In this case, donating the ball to a qualified charity would generate no tax deduction.
  • Employees can subtract the value of the donated time from their taxable income, and employers get the tax deduction.
  • Unmarried partners can't get a marital tax deduction, so they need to do careful estate planning.
tax deduction in Culture

tax deduction definition

An expense, such as a charitable contribution, that can be deducted from one's taxable income. Unlike a tax shelter, a tax deduction does not necessarily take the form of an investment.

The American Heritage® New Dictionary of Cultural Literacy, Third Edition
Copyright © 2005 by Houghton Mifflin Company.
Published by Houghton Mifflin Company. All rights reserved.
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