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 ?
Schumer, the Senate Minority Leader said, this would allow these taxpayers to take a larger state and local deduction in 2017, before the harmful, new state and local tax deduction (SALT) cap takes effect.
Millions of taxpayers in high-taxed states like New York depend on the state and local tax deduction to help pay their expenses and care for their families, Lowey said.
The mortgage interest deduction and the state and local tax deduction make homeownership more affordable, while 1031 like-kind exchanges help investors keep inventory on the market and money flowing to local communities," Brown said.
As mentioned on page 1, a new law makes the sales tax deduction permanent.
The 179D tax deduction for energy-efficient facility improvements has been extended until the end of 2016.
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.
In a letter sent to finance minister PTBA said that a taxpayer suffering tax deduction of Rs 35000 and above under FTR was required to file the wealth statement till tax year 2013.
Health care costs are eligible for some tax deduction.
Summary: Healthcare costs are eligible for some tax deduction.
Some intellectual property-related services, promising service industries and social services will be eligible for SME tax incentives, which include a 5 to 30 percent tax reduction and a 4 to 7 percent tax deduction for investments that create jobs.
Opposition is somewhat lower to eliminating the state and local tax deduction among those who claim it.
If you live in a state that imposes an income tax, the income tax deduction may be the smart choice.