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.
Mentioned in these definitions
Popular 'Accounting & Auditing' Terms
tax deduction in the news
Loading...
This content can be found on the following page:
http://www.businessdictionary.com/definition/tax-deduction.html
