deduction

Definition

An expense subtracted from adjusted gross income when calculating taxable income, such as for state and local taxes paid, charitable gifts, and certain types of interest payments. also called tax deduction.

Use deduction in a sentence

Featured Advertiser

Popular 'Taxes' Terms

Related Terms

Mentioned in these terms

Nearby Terms

Browse by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
1120-SF Form above the line