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|Noun||1.||tax 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"