tax deduction


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ThesaurusAntonymsRelated WordsSynonymsLegend:
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 ?
Designed in-house by alliantgroup, epFace allows for more accurate and specific calculations while capturing the federal tax deduction established in section 179D, The Energy Efficient Commercial Building Deduction.
This popular, albeit underutilized, tax deduction for retrofits to existing buildings expired at the end of 2013 along with several dozen other tax deductions and tax credits.
Health care costs are eligible for some tax deduction.
Summary: Healthcare costs are eligible for some tax deduction.
If you live in a state that imposes an income tax, the income tax deduction may be the smart choice.
PROBLEM: Under the standing interpretation of the Energy Policy Act tax before this Revenue Procedure, taxpayers wishing to take this tax deduction for qualifying energy efficient commercial buildings had to take the deduction in the current tax year.
He added that the tax deduction will be retroactive to the first day of this year and qualified enterprises can apply for the deduction in May next year when declaring business income taxes.
should be considered a thoroughly user friendly and instructive 'Tax Bible' for every small business owner wanting to steer clear of the IRS while taking full and legal advantage of every appropriate (and profitable) tax deduction allowed by law.
Kaplow (1992b) shows that governments should not provide a tax deduction for net losses when a private insurance contract is available.
525, Taxable and Nontaxable Income: Miscellaneous Income, states that the taxable amount is further limited to the excess of the state income tax deduction over the state and local general soles tax deduction that could have been claimed.
They maintain that the credit will be worth more, equivalent to a $12,000 tax deduction for most middle-class families.
Prior to January 1, 2006 people who purchased hybrids were allowed to take a $2000 income tax deduction, after that date, the deduction became even larger.