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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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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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