tax deduction

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Noun1.tax deduction - a reduction in the gross amount on which a tax is calculatedtax deduction - a reduction in the gross amount on which a tax is calculated; reduces taxes by the percentage fixed for the taxpayer's income bracket
tax benefit, tax break - a tax deduction that is granted in order to encourage a particular type of commercial activity
business deduction - tax write-off for expenses of doing business
exemption - a deduction allowed to a taxpayer because of his status (having certain dependents or being blind or being over 65 etc.); "additional exemptions are allowed for each dependent"
write-down, write-off - (accounting) reduction in the book value of an asset
References in periodicals archive ?
A tax credit is generally better than a tax deduction, so either the AOTC or the Lifetime Learning Credit usually will save more tax than the tuition and fees deduction.
As in the case of education credits, the tuition and fees deduction can be claimed for prepaid expenses for an academic period beginning in the first three months of the following year.
Tuition and fees deduction is an "above-the-line" deduction of up to $4,000 for qualified tuition expenses and related fees paid in 2015.
These benefits, that include the state and local sales tax deduction, mortgage insurance premium deduction, educator expenses deduction, tuition and fees deduction and the mortgage debt relief tax benefit, are often referred to as the extenders because they are part of proposed legislation that would extend up to 55 tax breaks that expired last year.
In 2005, the tuition and fees deduction provide families $1.
The Tuition and Fees Deduction is an "above-the-line" deduction of up to USD4,000 for qualified tuition expenses and related fees paid in 2012.
The $2,000 expense for books does not qualify for the tuition and fees deduction.
Aside from the AOTC, the Lifetime Learning Credit (LLC) and the Tuition and Fees Deduction (TFD) are the most significant tax provisions meant to provide financial assistance during college.
However, if you send a child to college and claim either the American Opportunity or Lifetime Learning tax credit for a student's expenses, you cannot take the tuition and fees deduction for the same student's expenses that year.
A taxpayer cannot, however, claim the American Opportunity Tax Credit, the Lifetime Learning Credit, and a tuition and fees deduction for the same student in a single year.