tax deduction
Definition
Fixed amount or percentage permitted by taxation authorities that a tax payer can subtract from his or her adjusted gross income to arrive at the taxable income. Deductions typically include allowances for home mortgage payment, home repair expenses, and higher study costs, etc. Not to be confused with deductible.
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tax deduction is in the Accounting & Auditing and Banking, Commerce & Finance subjects.
tax deduction appears in the definitions of the following terms: tax break, abusive tax shelter, one-time only deduction and deductible
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