tax 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 deduction.

Use tax deduction in a sentence

You should try and find out how to get any tax deduction you can to save as much as is possible.

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The tax deduction was something I wanted to take a look into because it was an area of great pride for me and my family.

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The tax deduction was a vital part of the business strategy as the company operated in such a way to maximize deductions.

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tax credit mortgage credit certificates (MCC)